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International Business Machines, the world's largest computer-services provider, hasn't had trouble accessing the commercial paper market even amid a global credit freeze, Chief Financial Officer Mark Loughridge says.

 

``We have not experienced any problems,'' he said today on a conference call to discuss IBM's results. ``We have a very strong liquidity position.''

 

Companies typically sell commercial paper, which usually matures in three months or less, to help pay daily expenses such as payroll and rent.

 

Big Blue, which had $4.5 billion of commercial paper outstanding at the end of September, isn't reliant on the market for funds because it has a $10 billion credit facility and $10 billion in cash.

 

Borrowing costs globally have surged amid the worst banking crisis since the Great Depression, triggered by the collapse of Lehman Brothers Holdings last month.

 

The company, helmed by CEO Samuel Palmisano, released preliminary results last week. IBM’s total sales climbed 5 percent to $25.3 billion, while profit rose 20 percent to $2.82 billion, or $2.05 a share.

 

The Armonk, New York-based company has over 388,000 employees worldwide.

 

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