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NCR Corporation -- Moody's downgrades NCR's CFR to B1 from Ba3; outlook stable

Moody's Investors Service ("Moody's") downgraded NCR Corporation's ("NCR") Corporate Family Rating ("CFR") to B1 from Ba3 and its Probability of Default Rating ("PDR") to B1-PD from Ba3-PD. Moody's also downgraded the ratings on the company's senior unsecured notes to B2 from B1 while affirming the Speculative Grade Liquidity (SGL) rating of SGL-2. The ratings downgrades reflect the meaningful decline in NCR's operating performance and credit metrics over the past year and Moody's concerns related to the company's ability to materially reduce debt leverage from current elevated levels.