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S&P cuts NCR issuer credit rating

S&P Global Ratings lowered the issuer credit rating of NCR Corp. to BB from BB+ with a stable outlook.

Global Ratings said NCR has higher financial leverage than it previously anticipated, thanks to increased spending on investments, acquisitions and restructuring. It also said the company had one-time supply issues that led its hardware operating margins in 2018 to be lower than the previous year, which caused its leverage to increase to about 6x.

While the rating agency said it expects NCR's leverage to decline, it does not expect it to fall below 4x. S&P Global Ratings also added it does not expect the company to have a quick deleveraging, as its end markets are not fast-growing enough.

The stable rating outlook reflects Global Ratings' expectations that NCR will have leverage of above 4x for at least the next 12 months.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.