We are lowering our rating...as we await evidence of recovery in the IBM OS/390 mainframe market and improved traction in the European sales organization.

We have had a cautious stance on [the PC group] since September, but we are lowering our rating on Compaq ... for a different reason: its turnaround is faltering, despite the low valuation on price/sales.

Now, with the economic recovery appearing to be somewhat in place and the central bank not lowering rates, we see people trying to get in at the gates before rates start to rise.

The recovery is still tepid. The market is reflecting that slowness.

If the rating agencies downgrade this across the board ... that could have an impact on the earnings,

TDPS is used by enterprises to solve recovery issues in-house and by recovery service providers like IBM global services, who use TDPS to provide out-sourced business continuity services.