Press release
Microchip Technology Announces Receiving Investment Grade Ratings From Both Moody’s and Fitch
CHANDLER, Ariz., Nov. 15, 2021 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure
About this update from Microchip Technology Incorporated
[{"type":"text","content":"CHANDLER, Ariz., Nov. 15, 2021 (GLOBE NEWSWIRE) -- (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today announced that it has received investment grade debt ratings from both Moody’s and Fitch. “We are pleased to have achieved this milestone of receiving investment grade ratings from both Moody’s and Fitch,” said Ganesh Moorthy, Microchip’s President and CEO. “Receiving investment grade ratings from both agencies is an important achievement that will enable us to execute on our recently announced capital allocation strategy to pay increasing cash dividends and initate stock repurchases under our new program that we announced last week. We look forward to continuing on our journey of returning capital to our stockholders.” Cautionary Statement: The statements contained in this release relating to enabling us to execute on our recently announced capital allocation strategy to pay increasing cash dividends and initate stock repurchases and continuing on our journey of returning capital to our stockholders are forward-looking statements made pursuant to 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 continued uncertainties related to the impact of the COVID-19 pandemic on the economy, our business, and the business of our customers and suppliers, actual cash flows generated from and used in the operation of our business; actual or projected levels of capital expenditures; our balance of cash and investments; changes in tax laws related to stock repurchases or dividends and any new laws which may be enacted; the impact of any significant acquisitions we may make; our ability to realize the expected benefits of our acquisitions, changes in demand or market acceptance of our products and the products of our customers and our ability to meet any continued increases in market demand; the mix of inventory we hold and our ability to satisfy short-term orders from our inventory; changes in utilization of our manufacturing capacity and our ability to effectively manage our production levels and increase production to meet any continued increases in market demand; our ability to obtain additio...