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November 7, 1993

CREDIT RATINGS

By CBR Staff Writer

IBM Corp can breathe a little easier: Standard and Poor’s Corp affirmed its single-A senior debt, its A-minus preferred stock, and A-1 commercial paper ratings, and the single-A senior debt ratings on IBM’s affiliate companies IBM Credit Corp, IBM International Finance NV and IBM Japan Ltd, and assigned a preliminary single-A rating to IBM’s $1,000m debt securities shelf registration. Some $23,000m of debt is affected all told. Nevertheless, the New York agency still sees a negative ratings outlook on IBM, and says an improvement in results from restructuring efforts, initiated by new management, is not expected For some time. New management will be challenged to improve operating results against a background of weak demand and considerable price competition in some sectors. Although some progress in the United States is encouraging, difficulties in other areas, especially Europe, remain a concern, the agency concluded.

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