Moody's upgrades ratings on Intuit
(Associated Press Via Acquire Media NewsEdge) NEW YORK -- Moody's Investors Service on Friday upgraded its senior unsecured debt rating on software maker Intuit Inc. based on the company's strong performance during the economic downturn.
Moody's said Intuit, which makes Turbo Tax software, successfully retained its leadership position in the consumer tax and small business financial software market during the recession.
Moody's raised Intuit's senior unsecured debt rating one notch to "Baa1" from "Baa2." Both are medium grade. The ratings outlook is stable.
Shares fell 93 cents, or 2.5 percent, to $35.94 during midday trading amid a broader market slump.
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