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$MCO said at 2Q16-end, it had $3.4Bil of outstanding debt, and $1Bil of additional debt capacity available under its revolving credit facility. Total cash, cash equivalents and short-term investments at 2Q16-end were $2Bil with approx. 78% held outside the US. Free cash flow in 1H16 was $475MM, down 14% from 1H16, mainly due to lower net income.
No better outlook on $MSFT. Even if the results beat a bit, the stock may move 4 to 6% higher, but won't go above $60.