Increased scale and product diversification through recent mergers. Technological advantages and barriers to entry in its focused niches. Considerable customer concentration and exposure to cyclical wireless business. Increasing capital intensity but strong free cash flow generation. Substantial debt repayment since the debt-financed acquisition of LSI Corp. Solid liquidity position. The outlook on Singapore-based semiconductor company Avago Technologies Finance Pte. Ltd. is stable. The outlook reflects our expectation that the company will continue healthy revenue growth and margin expansion. The rating also incorporates our expectation for continued acquisition spending and further diversification of its product portfolio over the coming year. We would expect progress toward a more balanced capital structure, including less reliance on secured debt and a smoother maturity profile,
