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S&P upgrades VeriSign
Standard & Poor's said it raised the corporate credit rating on VeriSign Inc. to BB+ from BB.
The agency also said it raised the rating on the company's senior unsecured notes to BB+ from BB. The recovery rating of 3 is unchanged, indicating 50% to 70% expected default recovery.
The outlook is stable.
VeriSign has significant surplus cash, S&P said, and cash flow and leverage metrics will remain solidly within the range for its minimal financial risk profile.
The company's fair business risk is based on its relatively narrow business focus and limited diversity, partly offset by its good market position and significant base of recurring revenues, the agency said.
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