Moody’s Downgrades EDS’ Debt Ratings
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Electronic Data Systems Corp.’s long- and short-term debt ratings were cut by Moody’s Investors Service, which cited weak demand and contracts with troubled clients including WorldCom Inc.
The long-term rating dropped two levels to A3 from A1, and the short-term ranking fell one grade to P2, a day after downgrades by Standard & Poor’s.
The world’s second-largest computer services seller, after IBM Corp., is on review for possible further reductions, Moody’s said.
Shares of Plano, Texas-based Electronic Data rose 82 cents to $18.17 on the NYSE.
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