Corning (GLW) Enters $1.25B Accelerated Stock Buyback Plan
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Fitch Cuts Corning (GLW) to 'BBB+' Amid New Capital Allocation Strategy
October 29, 2015 2:08 PM EDTFitch Ratings has downgraded Corning Incorporated's (Corning) (NYSE: GLW) long-term ratings, including the long-term Issuer Default Rating (IDR), to 'BBB+' from 'A-'. Fitch affirms the short-term IDR and Commercial Paper (CP) rating at 'F2'. The rating actions affect $7.3 billion of debt including the $2 billion revolving credit facility (RCF). The Rating Outlook is Stable.
KEY RATING DRIVERS
The ratings and Outlook reflect Corning's updated capital allocation strategy, under which the company will increase target total leverage (total debt to operating EBITDA) to 2 times (x) from a Fitch estimated 1.8x for the latest 12... More
