Moody's: Microsoft unaffected

Moody's Investor's Service said Microsoft Corp.'s announcement that its board authorized a 25% increase to its common dividend will not affect the company's Aaa senior unsecured credit rating and stable outlook.

The dividend increase is effective for the second quarter of fiscal 2012.

On an annualized run rate, the increase will add about $1.4 billion of annual dividend payments for a "total dividend payout of nearly $6.8 billion or approximately 24% of our estimation of cash flow less capital expenditures over the next year," said Moody's Richard Lane in a press release.

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