TEXT - S&P rates NCR Corp senior notes 'BB'
Dec 4 - Standard & Poor's Ratings Services today assigned its 'BB' issue-level rating and '5' recovery rating to Duluth, Ga.-based NCR Corp.'s $400 million senior notes due 2020. NCR provides hardware, software, and services solutions to the financial services, retail, and hospitality sectors. NCR plans to raise $400 million to help fund its proposed $650 million purchase of Retalix Ltd. The '5' recovery rating indicates expectations for modest (10% to 30%) recovery of principal in the event of a payment default. Our 'BB+' corporate credit rating and stable outlook on NCR is unaffected by the note issuance. NCR's self-service solutions help businesses connect, interact, and transact with their customers. Retalix provides point-of-service (POS) and enterprise resource planning (ERP) software focused on grocery, convenience and food distribution and will help solidify NCR's position in the retail segment. While leverage will increase somewhat from anticipated levels as a result of the merger, we expect synergies and EBITDA growth to lead to future declines. The corporate credit rating on NCR reflects our view of NCR's financial risk profile as "significant" and its business risk profile as "satisfactory." RELATED CRITERIA AND RESEARCH -- Business Risk/Financial Risk Matrix Expanded, Sept. 18, 2012 -- Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011 -- Use Of CreditWatch And Outlooks, Sept. 14, 2009 -- Criteria Guidelines For Recovery Ratings, Aug. 10, 2009 -- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008 Temporary contact number: Jacob Schlanger (917-371-5651) RATINGS LIST NCR Corp. Corporate Credit Rating BB+/Stable/-- New Rating NCR Corp. $400 Mil. Senior Unsecured Notes Due 2020 BB Recovery Rating 5
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