Tower Semiconductor's stock price surged 5.03% during intraday trading on Tuesday, following a significant credit rating development.

The sharp increase came after S&P Maalot reaffirmed Tower Semiconductor's credit rating at ilAA and revised its outlook to Positive from Stable. This upgrade in outlook signals improved confidence in the company's financial stability and future prospects.

Rating affirmations with improved outlooks are typically viewed positively by investors as they indicate reduced credit risk and potential for stronger financial performance, which likely contributed to the bullish sentiment driving the stock price higher.