S&P rates Broadcom notes BBB-

S&P said it assigned its BBB- issue-level rating to Broadcom Inc.'s planned senior unsecured notes.

“Our BBB- issuer credit rating and stable outlook on Broadcom are unchanged. The rating reflects our expectation that the company will generate consistent EBITDA and cash flow through an increasing share of recurring enterprise software sales and a leading position in semiconductor products deployed in connectivity and storage infrastructure. We view its intermediate leverage and aggressively acquisitive growth strategy as key risks,” S&P said in a press release.

The company intends to issue the notes in connection with its exchange offer to refinance debt.

The outlook is stable.

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