Broadcom Ltd., a global provider of analog, digital, and mixed signal semiconductor components, has reduced adjusted leverage to the low-2x area through debt repayment since the acquisition of Broadcom Corp. closed on Feb. 1, 2016. The company also plans to refinance the entire existing U.S. term loan B with the proceeds of additional term loan A issuance and a new term loan B-3. We are affirming all ratings including our 'BB+' corporate credit rating on Broadcom and revising the outlook to positive from stable. We are assigning our 'BBB' issue-level rating to Broadcom's new term loan B3. The recovery rating is '1'. The positive outlook reflects Broadcom's de-leveraging to date and our expectation that continuing operating growth will provide opportunities
