Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Dell Bank International d.a.c. London, 10 September 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Dell Bank International d.a.c. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Moody's Investors Service assigns to Ireland based Dell Bank International d.a.c.(DBI) first-time Baa3 long-term and P-3 short-term local and foreign currency issuer ratings. The outlook on DBI is stable. A full list of assigned ratings can be found at the end of this press release.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Dell Inc. New York, November 12, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Dell Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Moody's Investors Service ("Moody's") affirmed VMware, Inc.'s ("VMware") Baa2 senior unsecured rating following the company's announcement that it plans to acquire Pivotal Software, Inc., for cash and stock consideration representing an enterprise value of $2.7 billion, and Carbon Black, Inc., for cash consideration of $2.1 billion. Carbon Black provides cloud-delivered endpoint security solutions and Pivotal is a provider of cloud-native platform for software applications development.
Moody's Investors Service (Moody's) has assigned provisional ratings to the notes to be issued by Dell Equipment Finance Trust 2019-2 (DEFT 2019-2). This is the second transaction of the year for Dell Financial Services L.L.C. (DFS), a wholly owned subsidiary of Dell Inc. (Ba1, stable). The provisional ratings are based on the credit quality of the underlying equipment contracts pool to be securitized and its expected performance, the historical performance of DFS' managed portfolio of similar collateral, the track record, experience and expertise of DFS as originator and servicer, the strength of the transaction structure including the sequential pay structure and amount of credit enhancement supporting the notes, and the legal aspects of the transaction.
Moody's Investors Service (Moody's) has assigned definitive ratings to the notes issued by Dell Equipment Finance Trust 2019-2 (DEFT 2019-2). This is the second transaction of the year for Dell Financial Services L.L.C. (DFS), a wholly owned subsidiary of Dell Inc. (Ba1 stable). The definitive ratings are based on the credit quality of the underlying equipment contracts pool securitized and the pool's expected performance, the historical performance of DFS' managed portfolio of similar collateral, the track record, experience and expertise of DFS as originator and servicer, the strength of the transaction structure including the sequential pay structure and amount of credit enhancement supporting the notes, and the legal aspects of the transaction.
Moody's Investors Service (Moody's) has withdrawn all ratings for EMC Corporation's (EMC) senior notes. The ratings have been withdrawn pursuant to Moody's guidelines for the withdrawal of ratings, as insufficient information is available to Moody's to assess EMC's standalone creditworthiness and the senior notes issued by EMC are not guaranteed by its parent, Dell Inc. The ratings for Dell Inc. and its other subsidiaries and Dell Inc.'s ratings outlook are not affected by this rating action.
Recently, multiple companies have managed to achieve yearly highs Continue reading...
Moody's Investors Service assigns a provisional (P)Baa3 local currency long-term senior unsecured debt rating to the EURO bond expected to be issued by Ireland based Dell Bank International d.a.c. The rating action follows DBI's announcement on 26 September 2019 that it expects to issue EUR benchmark senior unsecured bond.
The global PC market is a mature industry whose shipments fell 3.0% YoY (year-over-year) to 58.48 million units in the first quarter of 2019, according to market research company IDC.
Moody's Investors Service ("Moody's") affirmed Dell Inc.'s Ba1 Corporate Family Rating (CFR) and Ba1-PD Probability of Default Rating following the announcement that VMware, Inc. plans to acquire Pivotal Software, Inc. and Carbon Black, Inc. for $4.8 billion, including approximately $2.8 billion in net cash consideration. VMware plans to finance the cash portion of the purchase price from a combination of cash on hand and proceeds from short-term borrowings. As part of the rating action, Moody's also affirmed the debt ratings at Dell International LLC and EMC Corporation.