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Fitch puts Dell Technologies on positive watch
Fitch Ratings said it placed Dell Technologies, Inc.’s and its subsidiaries’ ratings, including its BB+ long-term issuer default rating on watch positive.
The placement follows Dell's announcement it will spin-off its 81%-ownership stake in VMware Inc. The transaction will take the form of a tax-free spinoff and is targeted to close in the fourth fiscal quarter of f2021.
“At or near the transaction close, Fitch anticipates upgrading Dell's ratings to BBB, absent the company falling meaningfully short of its organic debt reduction targets through the first three quarters of fiscal 2022. Fitch believes Dell's operating profile supports a low- to mid-BBB rating with scale-based competitive advantages expected to drive continued share gains and its large diversified installed base moderating customer infrastructure spending volatility,” Fitch said in a press release.
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