S&P lowers Broadcom secured rating to BBB-

S&P Global Ratings said it reviewed its recovery and issue-level ratings for Broadcom Ltd. that were labeled as “under criteria observation” (UCO) after publishing its revised recovery ratings criteria on Dec. 7. With the criteria review complete, S&P said it is lowering its ratings on Broadcom's first-lien debt to BBB- from BBB and affirming the BB+ issue ratings on the unsecured notes.

“These rating actions stem solely from the application of our revised recovery criteria and do not reflect any change in our assessment of the corporate credit ratings for issuers of the affected debt issues,” S&P said in its news release.

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