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Dell Inc., which has $6 billion of debt due before 2016, is being treated like a junk-rated borrower as its cash falls to the lowest level in a decade with customers favoring tablets and smartphones over personal computers.

Credit-default swaps tied to the fourth-largest PC maker are trading at levels that imply Dell should be rated Ba1, or six levels below its current grade, according to Moody’s Corp.’s capital markets research group. Moody’s Investors Service has Dell at A2, while Standard & Poor’s puts it one level lower at A-.

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