Moody’s Ratings upgraded TTM Technologies Inc.’s corporate family rating outlook to positive from stable on Friday, citing robust demand across end markets, particularly in AI-related data center computing and networking.
The agency affirmed TTM’s Ba2 corporate family rating, Ba2-PD probability of default rating, Ba1 senior secured bank credit facility, and Ba3 senior unsecured debt. The outlook change reflects expectations of sustained revenue and profitability growth driven by diversified end-market exposure, including aerospace and defense.
Moody’s noted TTM’s recent acquisitions—Epiq Solutions for $1.1 billion, Swiss Technology Group AG, and ILFA GmbH—have expanded the company’s scale and reduced revenue volatility. The agency expects TTM’s revenue to reach the mid-$4 billion range by 2026, up from the mid-$2 billion range in 2024.
Credit quality remains supported by a conservative financial leverage profile, with total debt to EBITDA expected to remain below 2.5x. A sustained increase above 4.0x could pressure ratings, Moody’s said. The company’s large cash balance and predictable revenue streams from aerospace and defense further underpin its credit profile.
