Fixed Income Information

Dell's Credit Ratings

(as of April 14, 2021)

Standard & Poor's

Outlook: Credit Watch Positive

Rating Class Rating
LT Corp Family BB+
Senior Unsecured BB
Senior Secured BBB-
Legacy Notes* BB-
S&P Global Rating Definitions

Moody's

Outlook: Moody’s places Dell’s unsecured ratings on review for upgrade

Rating Class Rating
LT Corp Family Ba1
Senior Unsecured Ba2
Senior Secured Baa3
Legacy Notes* Ba2
Moody’s Rating Definitions

Fitch

Outlook: Credit Watch Positive

Rating Class Rating
LT Corp Family BB+
Senior Unsecured BB+
Senior Secured BBB-
Legacy Notes* BB
Fitch Rating Definitions

* NOTE: Legacy notes are notes issued by Dell Inc. prior to the LBO and notes issued by EMC Corp. prior to the Dell | EMC transaction. Moody’s Legacy Notes rating only refers to the legacy Dell notes.