Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Expo on Google News

2008 West
DIAMOND SPONSOR:
Data Direct
SOA, WOA and Cloud Computing: The New Frontier for Data Services
PLATINUM SPONSORS:
Red Hat
The Opening of Virtualization
GOLD SPONSORS:
Appsense
User Environment Management – The Third Layer of the Desktop
Cordys
Cloud Computing for Business Agility
EMC
CMIS: A Multi-Vendor Proposal for a Service-Based Content Management Interoperability Standard
Freedom OSS
Practical SOA” Max Yankelevich
Intel
Architecting an Enterprise Service Router (ESR) – A Cost-Effective Way to Scale SOA Across the Enterprise
Sensedia
Return on Assests: Bringing Visibility to your SOA Strategy
Symantec
Managing Hybrid Endpoint Environments
VMWare
Game-Changing Technology for Enterprise Clouds and Applications
Click For 2008 West
Event Webcasts

2008 West
PLATINUM SPONSORS:
Appcelerator
Get ‘Rich’ Quick: Rapid Prototyping for RIA with ZERO Server Code
Keynote Systems
Designing for and Managing Performance in the New Frontier of Rich Internet Applications
GOLD SPONSORS:
ICEsoft
How Can AJAX Improve Homeland Security?
Isomorphic
Beyond Widgets: What a RIA Platform Should Offer
Oracle
REAs: Rich Enterprise Applications
Click For 2008 Event Webcasts
SYS-CON.TV
Top Links You Must Click On


Fitch Affirms KLA-Tencor's IDR at 'BBB'; Outlook Stable

Fitch Ratings has affirmed the ratings for KLA-Tencor Corp. (KLA-Tencor) (Nasdaq: KLAC). Fitch's actions affect approximately $750 million of total debt. The Rating Outlook is Stable.

The rating and Outlook reflect Fitch's expectations for solid operating results within the context of a challenging operating environment through over at least the near term. Fitch expects high single to low double digit negative revenue growth for calendar 2013. This is line with 2013 semiconductor capital spending, which is projected to be down 10% for the year.

Demand should remain weak through the first half of calendar 2013. However, KLA-Tencor exited the recent quarter with strong order growth and a 1.13x book-to-bill ratio (new orders to revenues), pointing to recovery beginning in the back half of this calendar year.

Foundries and logic providers continue investing in process control solutions to enable leading edge production for innovative new consumer mobility products, which are fueling semiconductor growth at present. Spending for memory makers also is expected to pick up in the second half of calendar 2013, driven by expectations for improved supply dynamics.

Fitch expects annual free cash flow (FCF) of roughly $500 million through the intermediate-term, driven by the company's solid gross margins (55% to 60%). FCF expectations incorporate steadily increasing dividends and share repurchases. Similar to historical patterns, the company would curtail share repurchases in a severe downturn.

Credit protection measures should remain solid for the rating with a total leverage (total debt/operating EBITDA) and interest coverage (operating EBITDA to gross interest expense) below 2x and above 10x, respectively. The ratings incorporate headroom for modest incremental debt. Through the cycle, metrics should range from 0.5x - 3x for leverage and 5x - 20x for coverage.

The ratings on KLA-Tencor continue to be supported by:

--The company's technology leadership resulting in strong market share positions in the process control market for semiconductors and a growing mix of less volatile services revenues.

--Fitch's expectation that the company will maintain conservative financial policies; and

--Secular long-term growth trends, including increased technological complexity and shortened life cycles for semiconductor products (Moore's Law) and increased outsourcing to foundry partners.

Sensitivity/Rating Drivers

Fitch's ratings concerns focus on:

--KLA-Tencor's need for substantial ongoing investments in R&D and sales and marketing, each of which Fitch believes will continue to represent 10% - 20% of revenues (although capital spending for semiconductor equipment makers is comparatively low) to maintain technology and market leadership;

--Substantial customer concentration with expectations for ongoing customer consolidation; and

--The highly cyclical demand patterns associated with the semiconductor equipment market.

Positive ratings actions are unlikely in the absence of:

--A commitment to maintain higher cash balances or a back-up source of liquidity;

--Stronger mid-cycle annual free cash flow approaching $750 million, likely driven by profitability growth.

Negative rating actions could occur if KLA-Tencor's:

--Low mid-cycle FCF from structural degradation of gross profit margins or working capital efficiency, pointing to a potential loss in technology leadership; or

--Meaningfully reduced liquidity from ongoing share repurchases and dividends well in excess of annual FCF.

As of Dec. 31, 2012 Fitch believes KLA-Tencor's liquidity was solid although limited to the company's approximately $2.6 billion of cash, cash equivalents, and marketable securities (the majority of which was located in the U.S.). The company currently has no bank credit facility. Total debt consists solely of $750 million of 6.9% of senior notes due 2018.

Fitch affirms KLA-Tencor as follows:

--Issuer Default Rating (IDR) at 'BBB';

--Senior Unsecured Debt at 'BBB'.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Criteria:

--'Corporate Rating Methodology' (Aug. 12, 2011);

--'Rating Global Technology Companies Sector Credit Factors' (Sept. 20, 2010).

Applicable Criteria and Related Research:

Corporate Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684460

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

About Business Wire
Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Enterprise Open Source Magazine Latest Stories . . .
The Open Web Application Security Project (OWASP) is focused on improving the security of software. Their mission is to make software security visible, so that individuals and organizations worldwide can make informed decisions about true software security risks and their OWASP Top 10 ...
We often get asked “Should I use GridFS for file storage with MongoDB”. As with most things, the answer is a staunch “it depends”. GridFS looks like a great idea on paper - a virtual filesystem held within MongoDB which allows for larger than 16MB files to be held, synced and replicat...
The supply chain is evolving, and buyers need to analyze and predict, but also to manage risk. When Capgemini's business information management (BIM) practices unit needed to provide big data capabilities to its insurance company customers, it needed to deliver the right information t...
Some people believe good or bad things always happen in threes. I believe you will always be able to find three (and probably more) things that are good or bad and somewhat related, but sometimes I get surprised by the apparent coincidental appearance of several closely related “things...
This article defines long polling and presents a few techniques on how long polling could be used in Spring MVC web applications. Discussion covers both the AJAX and the server part of the solution as well as outlines a few possible options for implementation. The article compares perf...
Red Hat, Inc., on Wednesday announced that it has signed a definitive agreement to acquire eNovance, a provider of open source cloud computing services. Combined with Red Hat’s existing leadership in OpenStack, the addition of eNovance’s systems integration capabilities and engineering...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021




SYS-CON Featured Whitepapers
ADS BY GOOGLE