Moody’s rates Broadcom notes Baa3

Moody’s Investors Service said it rated Broadcom Inc.’s new senior unsecured notes at Baa3. The new notes will be issued by Broadcom, rendering them structurally subordinated to the CA, Inc. senior notes ($1.1 billion outstanding as of Feb. 2), which are unrated, the agency said.

“Moody’s expects the offering will be leverage neutral, since Broadcom plans to use the proceeds of the new senior notes to repay other debt scheduled to mature over the next two years,” Moody’s said in a press release.

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