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Moody's scuppers Computer Associates' $1bn offering

The threat of a ratings downgrade by Moody's has forced Computer Associates, the US software group, to cancel its $1bn (€1.1bn) bond offering.

Computer Associates was planning to price the two-tranche deal, managed by Salomon Smith Barney, on Friday. The company decided to pull back at the last minute having already got as far as indicating the yield it intended to pay investors.

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