S&P: Automatic Data Processing unchanged

Standard & Poor's said that Automatic Data Processing Inc.'s (AAA/stable/A-1+) authorization to purchase an additional 50 million shares of its common stock, in addition to the 8.6 million shares remaining to be purchased under previous share repurchase authorizations, would not affect its ratings on the company.

Automatic Data Processing has maintained a conservative financial profile, with ample liquidity, good free cash flows, low debt leverage and substantial borrowing capacity, consistent with the company's commitment to the highest levels of credit quality, the agency said.

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