Motorola Solutions Inc. Corporate Credit Rating Is Lowered To #BBB-# On Share Repurchase An Outlook Stable

Stocks and Financial Services Press Releases Thursday August 6, 2015 08:55
SAN FRANCISCO--6 Aug--Standard & Poor's

SAN FRANCISCO (Standard & Poor's) Aug. 5, 2015--Standard & Poor's RatingsServices lowered the corporate credit rating on Motorola Solutions Inc. to \'BBB-' from 'BBB'. The outlook is stable. At the same time, we assigned a'BBB-' issue-level rating to Motorola's new $1 billion convertible senior

notes due 2020. The outlook is stable.

"The rating action reflects what we view as a shift in Motorola's financialpolicy, specifically a greater tolerance for leverage, based on the announced$2 billion share repurchases, the new debt issuance to Silver Lake, and ourexpectation for a gradual depletion of cash balances over the intermediateterm to support future buybacks," said Standard & Poor's credit analyst AndrewChang.

The note proceeds will go toward the stock repurchase.

The stable outlook reflects our expectation that Motorola will maintain its"satisfactory" business risk profile despite the anticipated operatingweakness over the intermediate term and that its financial policy will remainconsistent with an investment-grade profile despite the expected elevatedshareholder returns over the next two years.

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