S&P lowers Affiliated Computer Services

Standard & Poor's said it lowered its corporate credit and senior secured ratings to BB from BB+ for Affiliated Computer Services Inc. (ACS).

The ratings remain on CreditWatch with negative implications, where they were placed Jan. 27, the agency added, noting that the rating action follows the announcement that ACS' board authorized a $1 billion share repurchase program, representing about 18% of total outstanding shares at current market value.

S&P said that ratings support is provided by ACS' growing, annuity-like revenue streams, solid historic profitability and stable cash-flow generation.

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