...September 14, 2021 NEW YORK (S&P Global Ratings) Sept. 14, 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. The rating on Broadcom (###-/Stable) 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 the firm's 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 remain highly acquisitive and believe sustained...
