Applied Materials Inc. -- Moody's places Applied Materials' A3 senior unsecured rating under review for downgrade

New York, September 25, 2013 -- Moody's Investors Service placed Applied Materials' A3 senior unsecured rating on review for downgrade. The review is prompted by the company's announcement yesterday that it is has entered into an all-stock transaction to combine with Tokyo Electron ("TEL")(unrated) and company disclosure that it plans more aggressive share repurchases after the acquisition is completed. The board of directors of both companies have unanimously approved the merger, which, pending regulatory review, is expected to close in the second half of 2014. The Prime-2 short term rating is not under review.

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