S&P lifts ON Semiconductor

Standard & Poor's said it raised its corporate credit rating for ON Semiconductor Corp. to B+ stable from B positive, the senior secured debt rating to B+ from B and its subordinated debt rating to B- from CCC+.

S&P said the action recognizes the company's improved debt-protection measures following a series of debt and equity refinancing actions in the past several quarters, as well as expectations that operating profitability, cash flows and liquidity will remain near recent levels.

The ratings continue to reflect its still-limited debt-protection measures and the company's position as a supplier of commodity semiconductors in a challenging operating environment, and adequate operating liquidity, the agency said.

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