Fitch Affirms IBM's IDR at 'A-'; Outlook Stable

Fitch Ratings has affirmed IBM's Long-Term Issuer Default Rating at 'A-' with a Stable Outlook, supported by its strong market position in hybrid cloud and AI. IBM's ratings benefit from solid free cash flow generation and strategic acquisitions, despite high core EBITDA leverage. Fitch forecasts gradual deleveraging through EBITDA growth while maintaining stable debt levels. IBM's revenue growth is expected in low to mid-single digits, driven by software and consulting services, with significant revenue visibility and financial flexibility for acquisitions.