|
Business Daily from THE HINDU group of publications Wednesday, May 14, 2008 ePaper | Mobile/PDA Version |
|
|
|
|
|
|
||
|
Update at 1900 hrs (IST)
Info-Tech S&P places EDS ratings on credit watch NEW DELHI: Global credit rating agency Standard & Poor's (S&P) Ratings Services on Wednesday said it has placed Electronic Data System's (EDS) ratings on credit watch with positive implications. The credit watch placement follows the announcement that Electronic Data System (EDS) has agreed to be acquired by Hewlett-Packard Co for over $13 billion, plus the assumption of about $3 billion of EDS debt. Standard & Poor's Ratings Services in a statement today said, "We have placed its ratings, including the 'BBB-' corporate credit rating, on EDS on credit watch with positive implications." Texas-based EDS is the second-largest global provider of information technology services while California-based Hewlett-Packard is a leading, global provider of technology products, solutions, and services to consumers and businesses. The transaction is expected to close by December 31, subject to regulatory approval. "If EDS's rated debt remains outstanding, we likely will equalise the ratings with those on HP," said Mr Molly Toll-Reed, Credit Analyst, Standard & Poor's. The transaction is expected to close in the second half of 2008, HP said in a statement today. According to the statement, HP intends to establish a new business group, to be branded EDS - an HP company, which would be headquartered at EDS's existing executive offices in Plano, Texas. Post deal, HP plans that EDS would continue to be led by its EDS Chairman, President and Chief Executive Officer, Mr Ronald A Rittenmeyer. - PTI
Prev: MMTC sells jewellery worth Rs 13 crore at gold festival Business Line | NUS Index | |
Related Topics Alliances & Joint Ventures Broadband Convergence E-Commerce & E-Business E-Governance Financial Performance Hardware Human Resources Industry Associations Infrastructure Internet IPOs IPR ISPs IT Training IT-enabled Services Mergers & Acquisitions New Products & Services New Projects Off-shore Development Outsourcing People Piracy Regulatory Bodies & Rulings Security Software Standards & Benchmarks Storage Telecommunications Trends Venture Capital Viruses |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line
|