NVIDIA Corp.'s Senior Unsecured Notes Rated 'A-'

NEW YORK (S&P Global Ratings) March 26, 2020--S&P Global Ratings today assigned its 'A-' issue-level rating to Santa Clara, Calif.-based semiconductor provider NVIDIA Corp.'s new senior unsecured notes. The firm intends to use proceeds from the issuance for general corporate purposes, including repayment of existing debt.
Our issuer credit rating on NVIDIA remains 'A-' with a stable outlook. Our ratings reflect the firm's technological and market share leadership as well as a conservative balance sheet. The stable outlook reflects S&P Global Ratings' view that NVIDIA's sustainable competitive advantages and leading positions in rapidly growing end markets will support stable revenues in spite of challenging macroeconomic conditions. We expect NVIDIA to maintain net leverage under 1.0x—despite lower cash balances after the acquisition of Mellanox—through considerable free cash flow generation and forecast that shareholder returns will broadly grow in line with cash generation after fiscal 2020.
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