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Fitch rates IBM notes A+
Fitch Ratings said it assigned an A+ rating to International Business Machines Corp.’s (IBM) $5 billion senior notes offering.
The proceeds will be used for general corporate purposes, including potentially funding a portion of the company’s acquisition of the Weather Co.
IBM has a long-term issuer default rating of A+, senior unsecured revolving credit facility rating of A+, senior unsecured debt rating of A+, short-term issuer default rating of F1 and commercial-paper rating of F1.
The ratings reflect expectations for the company’s relatively stable operating performance despite the continuation of a challenging operating and competitive environment, Fitch said.
On a constant currency and organic basis, Fitch said it expects revenues will decline by single-digits in the near term.
But the agency also said it expects IBM will sustain higher profit margins following the divestitures of the less profitable semiconductor foundry and industry standard server (ISS) businesses in 2014.
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