Fitch Ratings affirmed Broadcom’s long-term issuer rating at A- with a Positive Outlook, citing strong cash generation and AI demand. Leverage is expected to remain below 1.5x EBITDA, although growing off-balance-sheet financing arrangements and customer guarantees introduce additional credit risks. Broadcom is involved in more than $70 billion in lease-financing transactions, including a $43.5 billion residual-value guarantee tied to custom AI accelerator pods. Fitch expects these commitments to add approximately $4 billion to adjusted debt by fiscal 2027 and $15 billion by fiscal 2029. Despite these risks, free cash flow after dividends is projected to exceed $30 billion in fiscal 2026. Custom AI accelerators and Ethernet networking are expected to outgrow Broadcom’s legacy semiconductor and software businesses, while recurring VMware revenue should help maintain operating EBITDA margins above 60%. $AVGO