S&P: Qualcomm view to negative

Standard & Poor’s said it affirmed an A+ corporate credit rating on Qualcomm Inc. and revised the outlook to negative from stable.

The agency also said it affirmed the company’s short-term commercial-paper A-1+ rating.

The outlook revision reflects uncertainties of the company’s strategic review, which could result in a business separation or adoption of a more aggressive financial policy, S&P said.

The ratings reflect the company’s strong earnings scale from its combined technology licensing and semiconductor product businesses, competitive position as one of the leading providers in wireless communications semiconductor markets and minimal financial leverage, the agency said.

These factors are partially offset by the company’s less diversified business relative to companies with AA- ratings, including Oracle, S&P said.

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