TEXT - S&P rates NCR Corp senior notes 'BB'

Tue Dec 4, 2012 12:18pm EST

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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