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Bond Market News
Dell Upgraded to BBB+ by Fitch
October 1, 2025
Dell Technologies has been upgraded by a notch from BBB to BBB+ by Fitch. The upgrade reflects Dell’s sustained core EBITDA leverage below 2x since FY2024, with Fitch expecting it to remain between 1.5x–2.0x, supported by strong free cash flow (FCF) of $4.5-6bn annually. Dell’s AI server business is expanding rapidly, projected to reach $20bn in revenue by FY2026 from nearly zero, two years earlier. This positions Dell’s Infrastructure Solutions Group (ISG) business as the primary growth driver, offsetting the mature and cyclical PC segment. Fitch highlights Dell’s disciplined capital allocation, returning over 80% of FCF to shareholders while preserving deleveraging capacity. Its M&A strategy remains focused on small, strategic acquisitions, limiting financial risk.
Dell’s bonds traded stable with its 4.35% 2030s at 99.88, yielding 4.38%
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