...NEW YORK (S&P Global Ratings) Nov. 5, 2018--S&P Global Ratings today assigned its '###-' issue-level ratings to San Jose, Calif.-based Broadcom Inc.'s new $9 billion three-year term loan and $9 billion five-year term loan. The company will use the proceeds from the new loans to partially fund its previously announced $18.7 billion acquisition of New York-based software company CA Inc. All of our other ratings on Broadcom remain unchanged. Our rating on Broadcom reflects the company's solid operating performance, its track record of successfully integrating a series of acquisitions, and its broad and differentiated semiconductor product portfolio, which is experiencing favorable end-market trends. The acquisition of CA's enterprise software business represents a significant strategic shift from the firm's historic focus on semiconductors and creates uncertainty around its future growth strategies. However, its pro forma leverage is manageable (in the mid-2x area) and we believe that its...
