S&P rates Cadence CCR, debt & loan BBB-

Standard & Poor's said it assigned a BBB- corporate credit rating to Cadence Design Systems Inc.

The outlook is stable.

At the same time, the agency assigned its BBB- issue-level rating to the company's $350 million debt securities contemplated by the registration statement and $250 million amended unsecured revolving credit facility due 2019.

"The ratings on Cadence reflect the company's strong market share and customer relationships in the electronic design automation industry, offset somewhat by limited scale and narrow end-market focus compared to investment-grade software peers," S&P credit analyst James Thomas said in a news release.

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