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Dell Inc.: Updated credit analysis

Our credit view of this issuer reflects its commitment to conservative financial policies, offset by its cyclical demand across products and intensely competitive markets.

Dell Inc.: Updated credit analysis

Large scale and leading positions in IT hardware markets. We expect conservative financial policies will mitigate risks from exposure to mature markets and shifting IT spending to the cloud.

Dell Inc.: Updated credit analysis

Dell has large scale and leading positions in many IT categories. We expect conservative financial profile given risks from exposure to mature markets and shifting IT spending to the cloud.

Dell Inc.: Dell Inc. Updated analysis after upgrade of senior unsecure...

Dell’s strong financial profile and leading market positions in many IT hardware markets mitigate risks from large exposure to mature markets and shifting IT spending to the cloud.

Dell Inc.: Updated analysis after upgrade of senior unsecured ratings

Dell has substantial scale and leading positions in multiple IT segments. Its financial profile will improve after large debt reduction but it faces low growth prospects in the long-term.

Dell Inc.: Spinoff accelerates Dell’s deleveraging but weakens VMware’...

Subject to multiple factors, the vast majority of debt at Dell’s subsidiaries and VMware’s senior unsecured debt could converge at the Baa3 ratings level when the spin closes.

Dell Inc.: Updated credit analysis following the announcement to spin-...

Dividend from VMware and organic debt repayment will accelerate Dell’s deleveraging

Moody's says Dell's rapid deleveraging from strong profitability and d...

Announcement: Moody's says Dell's rapid deleveraging from strong profitability and debt reduction are credit positive. Global Credit Research- 30 Nov 2020. New York, November 30, 2020-- Moody's Investors Service said that Dell Technologies, Inc., the parent of Dell Inc.' s, stronger-than-expected earnings and free cash flow for the fiscal 3rd quarter ended October 30, 2020, and its plans to repay $5.5 billion of debt during fiscal year ending in January 2021 are credit positive.

Dell Inc.: Rapid deleveraring from strong profitability and debt reduc...

Dell reported strong profitability driven by robust PC sales and remains on track to repay $5.5 billion of core debt in FY '21 driving rapid deleveraging

Dell Inc.: Updated credit analysis

Large operating scale, leading market positions and commitment to deleverage. But low growth prospects, high leverage and history of aggressive financial policy constrain the credit profile.

Dell Inc.: Potential spin-off of VMware’s ownership increases uncert...

In a spin-off scenario, Dell would be exposed to the mature hardware business and VMware will have higher leverage

Dell Inc.: Dell and VMware’s ratings are unaffected at this time by ...

The reports of a potential strategic transaction does not affect credit profiles given the lack of clarity

Moody's says Dell and VMware's ratings are unaffected by reports of po...

Announcement: Moody's says Dell and VMware's ratings are unaffected by reports of potential strategic transactions. Global Credit Research- 24 Jun 2020. New York, June 24, 2020-- Moody's Investors Service said that Dell Inc. and VMware, Inc's existing ratings and rating outlooks are unaffected at this time by the reports that Dell Technologies, Inc. is exploring options to enhance shareholder value.

Dell Inc.: Updated credit analysis

The risk of shrinking IT spending has amplified Dell’s risks from elevated leverage. Its commitment to reducing debt, substantial scale and strong liquidity support the credit profile.

Jonathan Moreland
  • Jonathan Moreland

InsiderInsights Daily Ratings Report: March 20, 2020

InsiderInsights Ratings of Companies with Open-Market Form 4 Purchases; Sales Filed at the SEC on the date above. We separate the real investment intelligence from the noise. Saving you time, and improving your research process

ABG ASBURY AUTOMOTIVE GROUP INC
XOMA XOMA
WLK WESTLAKE CHEMICAL CORPORATION
THFF FIRST FINANCIAL CORP. (INDIANA)
TDG TRANSDIGM GROUP INCORPORATED
SLRC SLR INVESTMENT CORP
SEE SEALED AIR CORPORATION
SCM STELLUS CAPITAL INVESTMENT CORP
PSEC PROSPECT CAPITAL CORPORATION
OKE ONEOK INC.
OCUL OCULAR THERAPEUTIX
NRZ NEW RESIDENTIAL INVESTMENT CORP.
4LT1 NORTHERN OIL & GAS INC.
IFF INTERNATIONAL FLAVORS & FRAGRANCES INC.
GTE GRAN TIERRA ENERGY
FDX FEDEX CORPORATION
DAR DARLING INGREDIENTS INC.
CXP COLUMBIA PROPERTY TRUST INC.
CODI COMPASS DIVERSIFIED HOLDINGS
CIT CIT GROUP INC.
ARI APOLLO COMMERCIAL REAL ESTATE FINANCE INC.
APTS PREFERRED APARTMENT COMMUNITIES INC.
AEL AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY
WLKP WESTLAKE CHEMICAL PARTNERS LP
COWN COWEN INC CLASS A
OSTK OVERSTOCK.COM INC.
AGO ASSURED GUARANTY LTD.
TEX TEREX CORPORATION
MRC MRC GLOBAL INC.
ADS ALLIANCE DATA SYSTEMS CORPORATION
DSPG DSP GROUP INC.
LSI
SHLX LIFE STORAGE INC.
UHAL SHELL MIDSTREAM PARTNERS LP
CSWC AMERCO
RILY CAPITAL SOUTHWEST CORP.
HI B RILEY SECURITIES INC
CET HILLENBRAND INC.
CNBKA CENTRAL SECURITIES CORP.
OSG CENTURY BANCORP INC. CL A
DELL OVERSEAS SHIPHOLDING GROUP
LCII DELL INC.
AES LCI INDUSTRIES
TRTX THE AES CORPORATION
ABBV TPG RE FINANCE TRUST INC.
CDLX ABBVIE INC.
OFG CARDLYTICS INC
EQH ORIENTAL FINANCIAL GROUP
CHMG INC.
EPRT EQUITABLE HOLDINGS INC.
CNR CHEMUNG FINANCIAL CORP.
DX ESSENTIAL PROPERTIES REALTY TRUST
RPAY CORNERSTONE BUILDING BRANDS INC
BRMK DYNEX CAPITAL INC.
RC REPAY HOLDINGS (A)
ACA BROADMARK REALTY CAPITAL INC (A)
APDN GRUPO RADIO CENTRO S.A.B. DE C.V.
XPO ARCOSA
APPLIED DNA SCIENCES INC.
EXPRESS-1 EXPEDITED SOLUTIONS
INC

Dell Inc.: $1 billion share repurchase program is credit negative whil...

Share repurchases will result in a slower pace of deleveraging after FY '21

Dell Inc.: RSA divestiture will augment Dell’s capacity to reduce de...

Divestiture of non-core RSA assets will provide flexibility to reduce debt quickly

Dell Inc.: Updated analysis after ratings affirmation

Dell has significant operating scale and strong market positions in multiple technology segments. Its credit profile is constrained by high leverage that we expect to decline rapidly.

Moody's says Dell's upsized offer for Class V stock has no effect on r...

Moody's Investors Service said that based on the terms of Dell Technologies, Inc's ("Dell") revised offer to buy out its class V common stock, we do not expect the transaction to affect the credit ratings of Dell Inc. and its subsidiaries, including the Ba1 corporate family rating, the...

Dell Inc.: Debt issuance to help fund proposed VMware stock swap to de...

The incremental debt to help fund the proposed buyout of Dell's Class V tracking stock will be largely credit neutral.

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