S&P: Symantec outlook positive

Standard & Poor's said it affirmed its ratings on Symantec Corp. and revised its outlook on the company to positive from stable.

Symantec's corporate credit is rated BB- and subordinated debt is B.

S&P said the outlook revision reflects Symantec's improving profitability and cash flow, as well as the company's growing market position in the security software market.

S&P said the ratings on Symantec continue to reflect the company's fragmented and highly competitive security software market, growth orientation, a narrow product line, and mid-term competitive threats. These are only partly offset by good profitability and moderate debt levels.

Debt-to-EBITDA was 1x as of March 2004. Although profitability and debt protection measures are well in excess of the median performance at Symantec's ratings level, the agency said ratings are risk adjusted for the company's business profile.

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