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Broadcom Cayman Finance Ltd. -- Moody's downgrades Broadcom's sr unsec rating to Baa3; outlook stable

Moody's Investors Service ("Moody's") downgraded the rating on Broadcom Cayman Finance Ltd.'s ("Broadcom") senior unsecured bonds to Baa3 from Baa2 due to the large increase in financial leverage upon the closing of Broadcom's acquisition of CA, Inc ("CA") and Moody's expectation that deleveraging will be driven solely by EBITDA growth. Broadcom will acquire CA for $44.50 cash per share or about $18.9 billion.