Fitch downgrades ADT's IDR to BBB, outlook stable Fitch Ratings has downgraded the ratings of The ADT Corporation, including the company's Issuer Default Rating to 'BBB' from 'BBB+'. The Rating Outlook remains Stable. The downgrade reflects ADT's recently announced $2B share repurchase program that will be funded by debt and free cash flow. The company's board of directors announced today the authorization of a $2 billion share repurchase program over a 3-year period. The downgrade also reflects management's willingness to undertake a more aggressive financial strategy soon after becoming an independent company. These actions also provide some uncertainty regarding management's financial policies beyond the near term. Fitch will continually evaluate how management balances demands from its shareholders while maintaining its commitment to an investment grade profile.
News For ADT From The Last 14 Days
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ADT Chief Human Resources and Administrative Officer to resign ADT Corp. disclosed in a regulatory filing that on December 3, Anita Graham notified the company that she will resign as its senior VP, Chief Human Resources and Administrative Officer, effective December 31.