S&P Global Ratings affirmed ATM maker NCR Corp.'s issuer credit rating of BB with a stable outlook.
Ratings said its affirmation reflects NCR's progress under its restructuring program and its plans to refinance secured debt, which would generally extend the maturities of its secured debt and loan facilities. It also said the outlook is based on its expectations that the company will reduce its debt leverage to the low-5x range by the end of 2019 and in the 4x range in 2020.
NCR's leverage for the last 12 months ended June 30 was 6.1x, according to Ratings.
The expected reduction in leverage is due to the agency's assumption that the company's restructuring efforts will improve profitability.
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.