Large scale with leadership technology products; Robust semiconductor portfolio to data centers; and Exposure in maturing smartphone market, however content growth will persist. Substantial free cash generation; Rapid deleveraging track record; and Tolerance for higher financial risk for desired acquisitions. S&P Global Ratings' positive outlook on Broadcom Ltd. reflects our expectation that the company's consistent operating performance and ability to generate substantial free cash flow will provide financial flexibility for future acquisitions while maintaining adjusted leverage within the 2x-3x range over the next two years. We would consider an upgrade if Broadcom maintains a consistent financial policy with adjusted leverage sustained below 3x incorporating increases for mergers and acquisitions (M&A) and shareholder returns. Although unlikely over the next 12 months,
