...March 16, 2021 NEW YORK (S&P Global Ratings) March 16, 2021--S&P Global Ratings today assigned its '###-' issue-level rating to San Jose, Calif.-based Broadcom Inc.'s proposed senior unsecured notes. The company intends to issue the proposed notes in connection with its exchange offer to refinance outstanding debt. Our '###-' 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. The stable outlook reflects our expectation that Broadcom will maintain leverage under 3.5x through peaks following acquisitions and during cyclical downturns. Although we believe Broadcom could further reduce leverage, we expect management will...
