S&P: IBM unaffected

Standard & Poor's said its ratings and outlook on International Business Machines Corp. (A+/stable/A-1) are not affected by the company's recent announcement that its board of directors has authorized $15 billion for additional share repurchases.

The agency said that this amount is in addition to $0.4 billion remaining from a prior authorization.

S&P noted that the company has indicated it expects to use cash from operations to fund up to $12 billion in share repurchases in 2008, adding that it expects IBM to continue to maintain a strong financial profile and ample liquidity.

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