William Blair Upgrades ADP (ADP) to Outperform
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Moody's Downgrades ADP's (ADP) Issuer Rating to 'Aa3'; Outlook Stable
August 28, 2015 11:20 AM EDTMoody's Investors Service ("Moody's") downgraded Automatic Data Processing, Inc.'s (Nasdaq: ADP) Issuer Rating to Aa3 from Aa1. As part of the rating action, Moody's downgraded the senior unsecured rating on a revenue bond backed by ADP to Aa3 from Aa1, and affirmed the company's P-1 Short-term Rating. The rating outlook remains stable.
RATINGS RATIONALE
The downgrade of ADP's ratings follows the company's announcement that it is planning a $2 billion debt issuance with proceeds largely to be used for share repurchases, its first-ever debt-funded buyback, which represents an abrupt shift away from the company's historically... More
