Fitch affirms VMware at BB+

Fitch Ratings said it affirmed VMware Inc.’s long-term issuer default rating at BB+, senior unsecured revolving credit facility at BBB-/RR2 and senior unsecured notes at BBB-/RR2.

The outlook is stable. The actions affect $5.3 billion of total debt including the $1 billion revolving credit facility.

Fitch said the ratings and outlook reflect the company’s July 2 announcement that it reached an agreement with 81% owner, Dell Technologies Inc. to pay a one-time special dividend of $11 billion to VMware's common stockholders, $9 billion of which will go to Dell to fund the acquisition of Dell's tracking stock.

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