Cypress Semiconductor Corp. has successfully managed to integrate the Internet-of-things (IoT) business that it acquired from Broadcom in 2016, while generating strong revenue growth and improved financial metrics over the past year. We are revising the outlook on the Cypress rating to stable from negative. We are simultaneously affirming our 'BB-' corporate credit rating on Cypress, our 'BB' issue-level rating on the company's revolving credit facility and term loan B, and the 'B+' issue-level rating on the company's unsecured notes. We are also withdrawing our ratings on the term loan A facility, which has been repaid. The stable outlook reflects our expectation that Cypress will continue to benefit over the near term from strength in its automotive and industrial business
