CHANDLER, Ariz., Nov. 15, 2021 (GLOBE NEWSWIRE) – (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of intelligent, connected and secure on-board control solutions, today announced that it has received ratings from investment grade credit from Moody’s and Fitch.
“We are delighted to have taken this step by obtaining investment grade ratings from Moody’s and Fitch,” said Ganesh Moorthy, President and CEO of Microchip. “Receiving investment quality ratings from both agencies is a significant achievement that will enable us to execute our recently announced capital allocation strategy to pay increasing cash dividends and initiate share buybacks as part of our new program that we announced last week. We look forward to continuing our journey of returning capital to our shareholders. “
The statements in this press release regarding enabling us to execute our recently announced capital allocation strategy to pay increasing cash dividends and initiate share repurchases and continue our capital return journey to our shareholders are forward-looking statements made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to to limit, the persistent uncertainties related to the impact of the COVID-19 pandemic on the economy, our activities, and the activities of our customers and suppliers, the actual cash flows generated and used in the operation of our
Business; actual or projected levels of capital expenditure; our cash and investment balance; changes in tax laws relating to share buybacks or dividends and any new laws that may be promulgated; the impact of any material acquisitions we may make; our ability to realize the expected benefits from our acquisitions, changes in demand or market acceptance for our products and our customers’ products and our ability to respond to any continued increase in market demand; the combination of inventory we hold and our ability to meet short-term orders from our inventory; changes in the use of our manufacturing capacity and our ability to effectively manage our production levels and increase production to meet any continued increase in market demand; our ability to secure additional capacity from our wafer smelters and other suppliers to increase production to meet any continued increase in market demand; our ability to control the level of operating expenses relative to our level of income; competitive developments, including price pressures; the level of orders received that can be shipped in a quarter; changes or fluctuations in customer order patterns and seasonality; the costs and results of any current or future litigation or other matters involving our Microsemi acquisition, the Microsemi business, intellectual property, customers or other matters; the costs and results of any current or future tax audits or investigations relating to our business or the business of Microsemi; disruptions to our business or the business of our customers or suppliers due to natural disasters (including flooding in Thailand), terrorist activities, armed conflicts, wars, global oil prices and supplies, problems public health (including COVID-19) or disruptions in the transport system; and general economic, industrial or political conditions in the United States or abroad.
For a detailed discussion of these and other risk factors, please refer to the documents filed by Microchip on Forms 10-K and 10-Q. You can obtain free copies of Forms 10-K and 10-Q and other relevant documents from the Microchip website (www.microchip.com) or the SEC website (www.sec.gov) or from commercial document research services.
Microchip shareholders are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date on which such statements are made. Microchip assumes no obligation to publicly update any forward-looking statements to reflect events, circumstances, or new information after this November 15, 2021 press release or to reflect the occurrence of unforeseen events.
About the chip:
Microchip Technology Incorporated is a leading provider of smart, connected and secure on-board control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while reducing total system cost and time to market. The company’s solutions serve more than 120,500 customers in the industrial, automotive, consumer, aerospace and defense, communications and IT markets. Headquartered in Chandler, Arizona, Microchip offers exceptional technical support as well as reliable delivery and quality. For more information, visit the Microchip website at www.microchip.com.
The Microchip logo and name are registered trademarks of Microchip Technology Incorporated.