Standard & Poor’s upgraded CA Technologies on Monday to BBB+ citing strong performance and a modest debt burden. The agency took the Islandia-based software corporation rating up one notch and gave it a stable outlook due to an “entrenched customer base” and renewed revenue growth.
"The upgrade reflects CA's solid operating performance during the recent IT downturn, modest leverage, and strong free cash flow generation," Standard & Poor's analyst Philip Schrank said in a news release.
The company’s stock closed up 0.46% Monday at $24.16.
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