S&P revises IBM to negative

Standard & Poor's said it affirmed its AA- corporate credit rating on International Business Machines Corp. and revised the outlook to negative from stable.

At the same time, the agency affirmed its AA- issue-level rating on the company's senior unsecured notes.

"The outlook revision to negative reflects IBM's protracted revenue and earnings declines," S&P credit analyst John Moore said in a news release.

"Revenue declined in the low-single-digit percentages in constant currency and EBITDA excluding restructuring charges declined in the low teens digit percentages year over year for the quarter ended March 31, 2016."

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