U.S.-based back-end semiconductor equipment and services provider Cohu Inc. delivered mid-20% year-over-year growth over the past two quarters. S&P Global Ratings expects revenues to remain robust due to strong multiyear industry secular growth opportunities. We raised our issuer credit rating on Cohu to 'B+' from 'B-'. At the same time, we raised our ratings on the company's first-lien term loan to 'B+' from 'B-'. The recovery remains '3'. The stable rating outlook on Cohu reflects our expectation that it will generate strong revenue growth of above 30% supported by secular industry growth opportunities and materially higher profitability, resulting in leverage below 2x by the end of 2021 and free cash flow of about $100 million in 2021. The stable outlook
