Bad Day at the Office: Andersen Settles Suit, Loses Merck

Also on Friday, International Lease Finance Corp. issued $750 million in seven-year global notes, led by Commerzbank Capital Markets, J.P. Morgan, and Salomon Smith Barney. It had originally planned to raise $500 million. The notes were priced to yield 6.56 percent and were rated A1 by Moody's and AA-minus by S&P.

And you didn't need a Ouija board to see this coming: Moody's cut the senior unsecured long-term rating of Computer Associates International to Baa2 from Baa1 and confirmed its Prime-2 short-term rating. The rating outlook has been changed to negative.

"The downgrade reflects the reduction in cash flow in the current year, the expectation of further erosion unless the company can grow bookings and control costs, and the need to refinance debt maturities in the next 12 to 15 months," said Moody's in a statement. "The negative outlook reflects not only the cash flow and refinancing concerns, but also the uncertainty surrounding the company's February 22 confirmation that a preliminary inquiry by the SEC and US Attorney's office is underway."

• « previous
• 1
• 2