S&P lowers Computer Sciences

Standard & Poor's said it lowered its long-term ratings on Computer Sciences Corp. to BBB from BBB+ and removed the ratings from CreditWatch.

At the same time, the agency said it affirmed its A-2 short-term rating on the company. The outlook is negative.

"The downgrade reflects CSC's increased leverage following weak fiscal 2012 financial results and more extensive restructuring charges and organizational changes than we had incorporated into the prior rating," said S&P credit analyst Molly Toll-Reed in a news release.

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