Broadcom Inc.'s $2 Billion Commercial Paper Program Rated 'A-3'

U.S. semiconductor component company Broadcom Inc. has announced that its board authorized a $2 billion commercial paper program. We assigned our 'A-3' short-term rating to the company's proposed commercial paper program and a 'A-3' short-term issuer credit rating. Our assessment of Broadcom's liquidity as strong is unchanged, reflecting our expectation that the company will continue to maintain significant levels of cash and available committed revolver borrowing capacity while generating at least $9 billion in operating cash flow. NEW YORK (S&P Global Ratings) March 25, 2019—S&P Global Ratings today took the rating actions listed above. Our issuer credit rating on Broadcom factors in its strong operating results, semiconductor product diversification, and large client base. Its financial performance will continue to be

...+ U.S. semiconductor component company Broadcom Inc. has announced that its board authorized a $2 billion commercial paper program. + We assigned our 'A-3' short-term rating to the company's proposed commercial paper program and a 'A-3' short-term issuer credit rating. + Our assessment of Broadcom's liquidity as strong is unchanged, reflecting our expectation that the company will continue to maintain significant levels of cash and available committed revolver borrowing capacity while generating at least $9 billion in operating cash flow. NEW YORK (S&P Global Ratings) March 25, 2019--S&P Global Ratings today took the rating actions listed above. Our issuer credit rating on Broadcom factors in its strong operating results, semiconductor product diversification, and large client base. Its financial performance will continue to be supported by cloud demand, growth of data creation, and successful integration of CA Inc. However, we believe Broadcom's acquisitions and shareholder return plans...

Ratings Action