Moody's: IAC/InterActive cut to negative

Moody's Investors Service said it affirmed the ratings of IAC/InterActiveCorp. but changed the outlook to negative from stable based on the imminent material reduction in excess liquidity from likely share repurchases, as well as the quickening pace of fundamental changes in the company's portfolio of businesses.

Moody's affirmed IAC's senior unsecured notes, issuer rating and senior implied rating at Baa3.

Moody's said the affirmation of the company's ratings reflects the fact that credit metrics will remain at levels that are acceptable for the Baa3 category following the acquisition of Ask Jeeves and the expected share repurchases of at least 60% of the purchase price, given the risk profile of IAC's portfolio of businesses.

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