Moody's cuts EDS notes to Ba1

Moody's Investors Service downgraded the rating of Electronic Data Systems senior unsecured notes to Ba1 from Baa3 and assigned a senior implied rating of Ba1. The outlook is negative.

Moody's said the downgrade reflects EDS' ongoing business risk, the modest pace of improvement associated with its turnaround program and low levels of free cash flow to the company's $4.4 billion debt level.

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