Moody’s cuts Symantec to negative

Moody's Investors Service said it confirmed Symantec Corp.’s Baa3 senior unsecured ratings and revised the outlook to negative.

The negative outlook reflects increased credit risk as a result of the largely debt financed acquisition of Blue Coat, Inc. at a time when the company is also returning substantial amounts of cash to shareholders, attempting to stem declines in its core business units and reducing its cost structure.

This action concludes a review for downgrade initiated on June 13 following the company's announcement that it intends to buy Blue Coat.

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