Fitch rates Dell notes A

Fitch Ratings said it assigned an A rating to Dell Inc.'s $1.5 billion offering of senior unsecured notes.

The outlook is stable.

Proceeds are expected to be used for general corporate purposes, including repurchase of Dell's common stock, investments, additions to working capital, capital expenditures, advancements to or investments in Dell's subsidiaries and acquisitions of companies and assets.

Dell's ratings reflect strong financial flexibility, credit-protection measures, with a total debt-to-operating EBITDA ratio rising to 1.7 times from 1.3x as of July 30, and solid and improving market positions across several enterprise product categories, the agency said.

Credit concerns center on profitability pressures, event risk and Dell's continued gradual year-over-year market share losses in the worldwide PC market, the agency noted.

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