Fitch gives Cadence notes BBB+

Fitch Ratings said it has assigned initial ratings to Cadence Design Systems, Inc. as follows: issuer default rating BBB+ and senior unsecured notes BBB+.

The outlook is stable.

According to the agency, the ratings and outlook reflect Cadence's share leadership in each of its key end markets, supported by high switching costs and a strong technology portfolio.

Recent acquisitions, including Jasper Design Automation, Inc., have strengthened Cadence's system design strategy, the agency noted.

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