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Moody's affirms NCR's corporate family rating

Moody's affirmed NCR Corp.'s corporate family rating of B1, its probability of default rating of B1-PD and its SGL-2 speculative grade liquidity rating following NCR's announcement of plans to partially refinance its debt.

NCR CFO Andre Fernandez said during a recent earnings call that the company is in discussions with several members of its bank group to refinance a portion of its debt, and is evaluating alternatives to optimize its debt capital structure thanks to favorable market conditions.

The outlook on the ratings is stable.

The affirmation considers Moody's expectations that the company will, in the near term, issue $1.0 billion of unsecured debt to refinance $900 million of existing bonds set to mature 2021.

NCR's corporate family rating is constrained by its elevated gross leverage of around 5x debt-to-EBITDA, expectations for a challenging environment in the core ATM market over the next year and its willingness to take on credit risk to make acquisitions and fund shareholder returns, the rating agency said. These factors are partially mitigated by the company's leading position in the financial self-service and retail point-of-sale hardware business and good geographic and customer diversification, among other things, it added.

The stable outlook is based on Moody's expectations that the company's revenues will see modest growth in the year ahead as cost reduction initiatives together with "a more profitable sales mix" drive EBITDA growth.