Moody’s drops Symantec to Baa3

Moody's Investors Service said it concluded its review of Symantec Corp. and downgraded its senior unsecured rating to Baa3 from Baa2.

The outlook is stable.

Moody’s said the downgrade was driven by the expectation of increasing leverage to fund shareholder distributions, acquisitions and various corporate needs at a time when the company faces challenges in stabilizing revenues and improving profitability.

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