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Moody’s might cut CA
Moody's Investors Service said it placed CA, Inc.'s Baa2 senior unsecured ratings under review for downgrade.
This follows the announcement that Broadcom Inc. (ultimate parent of Broadcom Cayman Finance Ltd., Baa2, ratings under review for downgrade) plans to acquire CA for $44.50 cash per share or about $18.9 billion. Broadcom Cayman plans to fund the acquisition with cash on hand and about $18 billion of new debt.
Moody’s said the review is driven by the potential that a portion of CA debt could remain outstanding post-closing. If CA's debt is fully repaid in connection with the closing, all of CA's ratings will be withdrawn.
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