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Fitch assigns A+ to IBM notes
Fitch Ratings said it assigned an A+ rating to International Business Machines Corp.'s (IBM) €2.25 billion senior notes offering.
IBM will use net proceeds for general corporate purposes.
The action affects about $57.5 billion of debt, including IBM's undrawn $10 billion revolving credit facility.
Fitch said the ratings and outlook reflect its expectations for relatively stable operating performance, despite the continuation of a challenging operating and competitive environment.
On a constant currency and organic basis, the agency expects revenues will decline by the low single digits in the near term, driven by the ongoing shift to cloud-based from legacy information technology (IT). Near-term currency headwinds should remain significant, exacerbating top-line pressures.
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