...and now for some positive news...
EMC's Corp Credit Boosted To BBB+ From
BBB: Moody's
Dow Jones Newswires
NEW YORK -- Standard & Poor's said raised its corporate
credit rating on EMC Corp. to triple-B-plus from triple-B.
At the same time, S&P raised its rating on Data General Corp.'s subordinated
debt, which is guaranteed by parent EMC Corp., to triple-B from
triple-B-minus.
The rating agency said outlook is stable.
The ratings upgrade reflects the company's proven track record of execution
and its strong business and financial profiles, despite ongoing technology
challenges and very competitive industry conditions, S&P said.
The ratings on EMC reflect the company's solid profitability, conservative
capital structure, and strong market position. Hopkinton, Mass.-based EMC
manufactures innovative high-performance data storage products. Near-term
earnings momentum is expected to remain strong, fueled by new product
introductions in the mainframe and open systems environments. Also, the
company's expanding installed base enhances earnings stability, the rating
agency said.
The outlook anticipates that EMC will maintain its market position and a
financial profile in line with the current rating. The company has ample financial
flexibility to fund its strategic initiatives, S&P said.
Briefing Book for: EMC
fred |
