Fitch: IBM unchanged

Fitch Ratings said that International Business Machines Corp.'s confirmed offer to buy Cognos Inc., via a cash offer of $58.00 per share, or $4.9 billion, does not affect IBM's current ratings.

The acquisition is subject to Cognos shareholder approval, regulatory approvals and other customary closing conditions, the agency said, noting that it is expected to close in the first quarter of 2008.

Fitch said it currently rates the following IBM entities as follows, with a stable outlook: issuer default rating A+, senior unsecured credit facility A+, senior unsecured debt A+ and commercial paper at F1.

Fitch added that its current ratings incorporate the acquisition being funded with a mix of current cash balances and debt.

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