ASML's (ASML) long-term issuer default rating was affirmed at A+ by Fitch Ratings on Monday, with a stable outlook.
Fitch said that key drivers for the rating were the company's "exceptionally strong" position in the market as a lithography tool manufacturer, a favorable growth outlook, and limited threat from alternative technologies.
Fitch said it expects ASML's exposure to semiconductor volatility to be diminished by its "strong" order backlog, which stood at 36 billion euros ($41.85 billion) by the end of 2024.
The ratings agency said that ASML faces geopolitical risk due to a concentration of customers in Taiwan and China, but these concerns have been mitigated by efforts to boost semiconductor manufacturing in the US and Europe.
Fitch expects the company to record double-digit revenue growth in 2025, followed by mid-single-digit revenue growth in 2026.
ASML shares were up 2.5% in recent Monday trading.
Price: 1086.00, Change: +25.99, Percent Change: +2.45