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October 27, 1995

CREDIT RATINGS

By CBR Staff Writer

IBM Corp has won Standard & Poor’s Corp’s affirmation for its single-A senior unsecured, A-minus preferred stock, and A-1 commercial paper ratings. About $22,300m of total debt is outstanding. The agency said that given IBM’s substantial cash balances and cash-generating ability, financial flexibility remains strong despite the Lotus acquisition and substantial ongoing share repurchases. Future acquisitions and share repurchases are expected to continue. While cash balances may be reduced somewhat, IBM is expected to retain a conservative balance sheet structure when adjusted for the worldwide financing operations. On the other hand, while it expects strong profits growth at IBM for 1995 before fourth quarter restructuring charges, further improvement in the company’s rating profile will be dependent on its ability to demonstrate balanced growth and profitability across all lines.

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