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1) Find the credit rating of IBM and explain how you judge that rating in relation to other companies in the same industry1）
找到IBM的信用评级，并解释您如何判断与同行业其他公司的信用评级。
根据汤森路透Eikon，三大信用评级机构对IBM的信用评级如下：
发行人当前风险评级变更日期意见
标准普尔A+05/05/2017从AA降级-
穆迪A1 03/05/2017从AA3降级
惠誉A1 30/09/2016展望从稳定改为负面
（资料来源：汤森路透Eikon）
IBM的主要竞争对手是微软公司、惠普公司和埃森哲公司。以下是IBM可比公司信用评级的选定列表。
与主要竞争对手相比，IBM的信用评级优于惠普（Hewlett-Packard），与甲骨文（Oracle）和埃森哲（Accenture）的信用评级相对相似，与微软相比，IBM的信用评级也不那么有利。
IBM Microsoft HP Oracle埃森哲
标准普尔A+AAA BBB AA-A+
穆迪A1 AAA Baa2 A1
惠誉A1 AA+BBB+A+A+
（资料来源：汤森路透Eikon）
According to Thomson Reuters Eikon, the credit ratings of IBM issued by the three largest credit rating agencies are as follows:
Issuer Current Risk Rating Date of change Comments
S&P A+ 05/05/2017 Downgrade from AA-
Moodys A1 03/05/2017 Downgrade from AA3
Fitch A1 30/09/2016 Outlook revise to Negative from Stable
(Source: Thomson Reuters Eikon)
IBM’s major competitors are Microsoft Corporation, Hewlett-Packard Company, and Accenture plc. The following is a selected list of credit ratings of the comparable companies for IBM.
As compared to its major competitors, IBM has a better credit rating than Hewlett-Packard, a comparatively similar credit rating as compared to Oracle and Accenture and a less advantageous credit rating as compared to Microsoft.
IBM Microsoft HP Oracle Accenture
S&P A+ AAA BBB AA- A+
Moody’s A1 Aaa Baa2 A1 A1
Fitch A1 AA+ BBB+ A+ A+
(Source: Thomson Reuters Eikon)
2）了解IBM在2018年、2019年和2020年以及之后从10万年起的承诺；为此，请查看资产负债表长期负债/负债注释部分，并查找有关租赁承诺的详细信息。
2) Understand IBM’S commitments in 2018, 2019 and 2020 as well as thereafter from the 10K ; check for this purpose the section NOTES TO the Balance sheet LT Debt/Liabilities and find detailed information about the Lease commitments
According to the NOTES TO the Balance sheet about the Long-Term Debt:
Total Long-Term Debt as of FY2017 and FY2016 is US$39,837 million and US$32,655 million respectively. 79.1% of the Long-Term Debts are denominated in USD currencyprimarily. Other currencies included Euros, Pound Sterling, Japanese Yen, Canadian and others.
With regard to the maturities, Long Term Debts of IBM are distributed equally, covering both the debt to be matured in 5 years and those beyond 5 years. 38.2% of the total Long Term debts are maturing beyond the year 2023 and the rest are maturing before the year of 2022. The tenor of the Debts of IBM are structured in balance.
According to the NOTES TO the Balance sheet about the Lease commitments:
IBM’s operating lease commitments were $6.6 billion in FY2017. In 2017, IBM uses of third-party residual value guarantee insurance making the company recognizing $452 million of sales-type lease revenue that would otherwise have been recognized over the lease period as operating lease revenue. The company would continue to assess the potential impacts of the guidance, including normal ongoing business dynamics or potential changes in contracting terms. The annual report 2017 also gives a forecast of the Operating Lease Commitments in the year of 2018 onwards.
This Operating Lease Commitments mainly involve activities related to office space, data centers, equipment and vehicles. The gross minimum rental commitments under noncancelable leases, vacant space associated with workforce transformation, sublease income commitments and capital lease commitments.
Reference:
Alotaibi, Jawaher&Meng, Fanlong&Denina, Anthony.(2016). Financial Analysis of IBM. 10.13140/RG.2.2.25518.10563.
IBM.(2017). IBM 2017 Annual Report.
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