Ratings On Four Classes Related To International Business Machines Corp. Lowered

Stocks and Financial Services Press Releases Tuesday June 6, 2017 09:22
NEW YORK--6 Jun--S&P Global Ratings

NEW YORK (S&P Global Ratings) June 5, 2017--S&P Global Ratings today lowered its ratings on four certificates linked to International Business Machine Corp.debentures to 'A+ (sf)' from 'AA- (sf)' (see list).

Our ratings on all four certificates are dependent on our rating on the underlying security, International Business Machine Corp. 7.125% senior debentures due Dec. 1, 2096 ('A+').

Today's rating actions reflect the May 5, 2017, lowering of our rating on the underlying security to 'A+' from 'AA-'. We may take additional rating actions on these transactions due to subsequent changes in our rating assigned to the underlying security.

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