Fitch: IBM's Ratings Unaffected by Finance Business Reorganization

(The following statement was released by the rating agency)

CHICAGO, January 20 (Fitch) The ratings for International

Business Machines

Corporation (IBM), including its 'A+/F1' Long- and Short-Term

Issuer Default

Ratings (IDRs), are unaffected by the company's reorganization

of its financing

business, according to Fitch Ratings. Fitch believes IBM's core

industrial and

financing businesses remain co-dependent and that the financing

business enables

higher marginal sales than would third-par

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