Moody's rates KLA-Tencor notes Baa1

Moody's Investors Service said it assigned a first time Baa1 rating to KLA-Tencor Corp.'s proposed offering of senior unsecured notes.

The company will use proceeds from the proposed offering for general corporate purposes and to fund prospective acquisitions, the agency said.

Moody's noted that the Baa1 rating "reflects KLA's leading and defensible position in the semiconductor inspection and metrology equipment market, a solid track record of good execution through industry cycles, a strong liquidity profile and our expectations that management will continue to adhere to conservative capital structure and financial policies", said Moody's senior vice president, Richard Lane.

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