Moody's ups Computer Associates to positive

Moody's Investors Service said it affirmed the Ba1 senior unsecured rating for Computer Associates International and has revised its outlook to positive from stable.

The positive outlook reflects the company's initiatives to improve its corporate governance profile and remediate internal financial control deficiencies through the appointment of key personnel and implementation of systems and controls, the agency said. It also reflects the company's stable financial operating performance and conservative financial policies.

The company's ratings reflect its improving corporate governance, portfolio of mission-critical software product offerings and its large installed base of a diverse set of creditworthy clients.

However, the rating also reflects the company's yet-to-be-completed fulfillment of the terms of the Deferred Prosecution Agreement, ongoing shareholder litigation, flat organic client billings, competition from integrated and non-integrated technology vendors and exposure to mature mainframe and Unix markets.

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