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Fitch affirms Dell
Fitch Ratings said it has affirmed Dell Inc.'s ratings following the company's proposed acquisition of Perot Systems Corp. in an all-cash transaction valued at $30 per share, or about $3.9 billion, net of assumed debt and cash.
Fitch said it expects the acquisition to be funded entirely with cash on hand.
The acquisition is expected to close in the fourth quarter of fiscal 2010, subject to regulatory approvals, the agency noted.
Fitch said it affirms Dell as follows: long-term issuer default rating at A; bank credit facilities at A; senior unsecured debt at A; short-term issuer default rating at F1; and commercial paper at F1.
Fitch added that it believes the acquisition provides Dell with a foundation to scale its higher margin services business.
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