New York, November 12, 2015 -- Moody's Investors Service ("Moody's" ) has downgraded NCR Corporation's ("NCR") corporate family rating ("CFR") to Ba3 from Ba2, and probability of default rating to Ba3-PD from Ba2-PD, following the announcement that the company will buy back $1 billion of its stock. The buyback will be funded with the proceeds from the issuance of $820 million in new convertible preferred equity to the Blackstone Group and borrowings under its revolving credit facility. Moody's also downgraded the ratings on the company's senior unsecured notes to B1 from Ba3 and affirmed the SGL-2 short term liquidity rating. The rating outlook was changed to stable from negative.

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