Fitch rates Cadence loan BBB+

Fitch Ratings said it assigned a BBB+ rating to Cadence Design Systems, Inc.'s $300 million three-year term loan A.

The company has a long-term issuer default rating and stable outlook.

The unsecured term loan will be pari passu with Cadence's unsecured notes due 2024, Fitch said.

The proceeds are expected to be used for general corporate purposes, including potential share repurchases and acquisitions, the agency said.

The ratings reflect expectations for solid operating performance despite a challenging demand environment, Fitch said.

The agency said it anticipates single-digit revenue growth over the intermediate term, driven in part by new product introductions, the agency added.

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