S&P lowers Analog Devices, notes to BBB

S&P said it lowered Analog Devices Inc.’s corporate credit rating and senior unsecured notes to BBB from A-.

The outlook is negative.

The short-term rating is unchanged at A-2.

"The rating action reflects the nearly $7.3 billion in incremental debt that ADI will incur to acquire Linear Technology Corp., which will lead to initial pro forma adjusted leverage near 4x at the close of the transaction," S&P credit analyst Andrew Chang said in a news release.

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