Moody's says IBM unaffected

Moody's Investors Service said that IBM's announcement that its board authorized an additional $7 billion stock repurchase plan and a 13% increase in its common dividend will not affect the company's Aa3 senior unsecured credit rating or stable outlook.

The company's rating remains supported by the strengthening business profile, which includes "a growing emphasis on higher-margin software and services businesses (87% of total revenue) in lieu of more commoditized hardware offerings," Moody's senior vice president Richard Lane said in a news release.

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