(Bloomberg) -- IBM’s ratings outlook was revised to "negative" by Standard & Poor’s, after the software and technology services company posted its 16th consecutive quarter of declining revenue and reduced its forecast for second-quarter profits.
S&P said in a statement Wednesday that it’s making the revision due to “IBM’s protracted revenue and earnings declines.” The ratings company affirmed its AA- grade for IBM.
The outlook “reflects the company’s protracted negative operating trends and pressures to restore operating growth as it addresses shifting client needs and the increasing market prevalence of cloud-based technology solutions,” S&P said.
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