Fitch affirms Texas Instruments

Fitch Ratings said it affirmed the following ratings for Texas Instruments Inc.: issuer default rating A+, short-term issuer default rating and commercial paper program F1 and senior unsecured revolving credit facility A+.

In addition, the agency said that the A+ senior unsecured notes rating is withdrawn, as there are no senior unsecured debt securities currently outstanding.

The outlook is stable.

According to Fitch, the ratings and stable outlook reflect its expectations that Texas Instruments will generate more than $2 billion of annual free cash flow over the next couple of years, driven by a combination of strengthened profitability and meaningfully lower capital spending as a percentage of sales.

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