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S&P downgrades Corning, notes to BBB+
Standard & Poor's said it lowered its corporate credit rating on Corning Inc. to BBB+ from A-.
The outlook is stable.
The agency also lowered its issue-level rating on Corning's senior unsecured notes to BBB+ from A-. The short-term credit rating on the company's commercial paper program remains A-2.
"The rating downgrade to BBB+ reflects our view of the company's revised financial policy, with leverage rising to the low-1x area by the end of 2017 and to the mid-1x area by the end of 2019, up from a modest net debt position currently, as it completes its plan to return more than $10 billion to its shareholders," S&P credit analyst David Tsui said in a news release.
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