Google's parent company, Alphabet Inc. (Nasdaq: GOOG), announced yesterday that its board of directors authorized a $5.1 billion share repurchase program of its Class C capital stock, commencing in the fourth quarter of 2015. Moody's said that the share repurchase program will not impact the company's credit rating or stable outlook. This is due to the company's high cash balances ($73 billion as of September 30, 2015) and extremely strong free cash flow generation relative to the company's debt, which is about $5.2 billion. The company continues to sustain considerable financial flexibility, and strong fundamental growth.