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Moody's downgrades NCR

Moody's downgraded NCR Corp.'s corporate family rating to B1 from Ba3 and probability of default rating to B1-PD from Ba3-PD.

In downgrading the ratings, Moody's took into account the decline in NCR's operating performance and credit metrics over the past year. The downgrades also reflect the rating agency's concerns about the company's ability to significantly reduce debt leverage from increased levels.

The ratings outlook is stable, reflecting Moody's expectation that NCR will see a modest increase in revenues while cost reduction initiatives and a more profitable sales mix boost EBITDA growth.