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Moody's Investors Service ("Moody's") confirmed the ratings of Broadcom Inc. ("Broadcom") and Broadcom Technologies Inc. ("Broadcom Technologies"), including the Baa3 senior unsecured rating and Broadcom's Prime-3 short term rating. The outlook is stable.
Moody's Investors Service ("Moody's") upgraded Dynatrace Intermediate, LLC's ("Dynatrace") Corporate Family Rating to B1 from B2 and Probability of Default Rating to B1-PD from B2-PD. Concurrently, Moody's assigned an SGL-1 Speculative Grade Liquidity Rating to Dynatrace, affirmed the company's senior secured first lien bank credit facilities at B1, and withdrew the Caa1 rating on its senior secured second lien term loan.
Moody's Investors Service ("Moody's") placed Broadcom Cayman Finance Ltd.'s ("Broadcom Cayman") senior unsecured ratings and Broadcom Inc.'s ("Broadcom") P-3 short term rating and Baa3 senior unsecured ratings, on review for downgrade following Broadcom's (the publicly-traded parent company of Broadcom Cayman) announcement that it has agreed to acquire Symantec Corporation's ("Symantec") Enterprise Security segment ("Enterprise") in a debt-free cash-free asset acquisition for about $10.7 billion in cash. Broadcom plans to fund the acquisition with new debt.
NOTE: On April 02, 2019, the press release was corrected as follows: The last sentence of the second paragraph was changed to the following: Offsetting the structural subordination of the new Senior Notes to the Broadcom Cayman existing Senior Notes is the guarantee structure, in which the new Senior Notes and the Broadcom Cayman existing Senior Notes benefit from cross guarantees of each others issuers and guarantors. Revised release follows. New York, March 29, 2019 -- Moody's Investors Service ("Moody's") rated Broadcom Inc.'s ("Broadcom"), parent company of Broadcom Cayman Finance Ltd. ("Broadcom Cayman", collectively "Broadcom") new Senior Unsecured Notes ("Senior Notes") at Baa3.
Moody's Investors Service ("Moody's") assigned a Prime-3 rating to the new $2 billion commercial paper program of Broadcom Inc. ("Broadcom"), parent company of Broadcom Cayman Finance Ltd. ("Broadcom Cayman", collectively "Broadcom"). Moody's also affirmed Broadcom Cayman's Baa3 senior unsecured rating.
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