IBM International Group Capital LLC -- Moody's affirms IBM's senior unsecured rating at Aa3; outlook changed to negative from stable

New York, March 30, 2016 -- Moody's Investors Service ("Moody's") affirmed the senior unsecured rating of International Business Machines Corporation ("IBM") at Aa3, and concurrently changed the rating outlook to negative from stable. Despite still solid debt protection measures "the outlook change reflects concerns that IBM will remain challenged to grow revenue and profitability as it continues to transition its portfolio toward what it expects will be higher value added offerings, as embodied by the company's portfolio of data analytics and cloud-based offerings", said Moody's Senior Vice President, Richard Lane.

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