On Dec. 8, 2016, Broadcom Ltd. affirmed its intention to maintain a gross debt-to-EBITDA ratio of approximately 2x, and annual dividend payout of about 50% of free cash flow. We expect the company's ongoing solid operating performance will enable it to maintain leverage between 2x-3x. We are raising the corporate credit rating on Broadcom to 'BBB-'. We are also affirming all of the issue-level ratings on the company's debt. The outlook is stable reflecting our expectation that Broadcom will manage future acquisition spending in a manner consistent with its stated financial policy and maintain leverage under 3x. On Dec. 22, 2016, S&P Global Ratings raised its corporate credit rating on Singapore-based Broadcom Ltd. to 'BBB-' from 'BB+'. The outlook is
