Moody’s gives A1 to Texas Instruments debt

Moody's Investors Service said it assigned an A1 rating to the proposed senior unsecured issuance of Texas Instruments, Inc.

Proceeds are for general corporate purposes, including the repayment of debt maturities.

The outlook is stable.

Moody’s said the A1 senior unsecured and Prime-1 short-term rating reflect the company's solid and defensible positions in a range of analog and mixed signal processing markets, strong liquidity profile, and very modest leverage (0.6 times projected adjusted gross debt to EBITDA).

The agency expects Texas Instruments to sustain its strong credit profile and cash flow generation driven by its ability to maintain solid market positions throughout its portfolio, diverse end markets, long life cycle products, stable pricing and low capital investment requirements.

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