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S&P: IBM unchanged
Standard & Poor's said its ratings and outlook on International Business Machines Corp. (A+/stable/A-1) are not affected by the company's recent announcement that it has signed an agreement to acquire Cognos Inc. for $5 billion in cash.
The agency said that IBM has ample liquidity, cash and marketable securities of $13.8 billion as of Sept. 30, and a conservatively leveraged financial profile.
Despite a recent increase in debt incurred to fund IBM's accelerated share repurchase program, total debt to EBITDA was 1.2x as of Sept. 30, the agency noted.
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