Moody's assigns Dell notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the new senior secured notes being issued by Dell International LLC and EMC Corp. as co-issuers, which are wholly-owned subsidiaries of Dell Technologies, Inc. The parent's ratings, including the Ba1 corporate family rating and stable outlook are not affected.

Moody's said it expects Dell to use the proceeds to repay maturing debt over the next 12 to 24 months.

“ In conjunction with the debt offering, Dell reaffirmed its previous commitment to prioritize the $5.5 billion of debt repayment in the fiscal year ending January 2021. Moody's views the expected debt repayment from the proceeds of this offering as outside of the targeted debt repayment,” the agency said in a press release.

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