S&P affirms Dell

Standard & Poor's said it affirmed its A- corporate credit and senior unsecured ratings and A-1 short-term rating on Dell Inc.

The ratings were removed from CreditWatch, where they were placed with negative implications on Sept. 12, 2006, and the outlook is stable.

The agency said the affirmation reflects the company's stabilized operating performance, based on preliminary statements issued since the first quarter of 2007, and Dell's recent announcement that its audit committee has completed its accounting investigation. Dell is expected to complete the restatement of its financial statements for fiscal 2003 through 2006 and the first quarter of fiscal 2007 by November, and S&P does not expect the cumulative net adjustments to materially affect Dell's financial profile or liquidity.

The ratings on Dell reflect its strong competitive position and conservative financial profile, S&P said, partly offset by extremely competitive industry conditions and a hardware-centric business model, which is exposed to short product life cycles and potentially volatile demand.

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