Moody's affirms Computer Associates

Moody's Investors Service said it affirmed the Ba1 rating and stable outlook for Computer Associates International following the company's announcement of its proposed acquisition of Netegrity Inc.

Moody's said the affirmation reflects the manageable cash outlay, strategic fit and modest expected integration challenges of the Netegrity acquisition.

Given anticipated growth of the authentication and provisioning security software market and potential integration cost savings, Moody's said it believes Netegrity provides the right strategic fit and over the intermediate term will provide a good return on investment, though the acquisition cost is high.

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