Fitch shifts VMWare view to stable

Fitch Ratings said it revised VMWare Inc.’s outlook to stable from negative and affirmed its ratings, including the BB+ long-term issuer default rating and BBB-/RR2 senior unsecured ratings.

“The ratings and outlook reflect VMware’s solid operating and standalone financial profile, driven by strong adoption of VMware’s as-a-service (aaS) solutions. Enterprise spending remained weak in fiscal 2021, but work-from-home (WFH) dynamics stemming from the coronavirus drove significant investments by service providers. VMware continues to outgrow open source providers, and Fitch expects intermediate-term growth in the mid-single digits,” the agency said in a press release.

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