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Prospect News home > News index > List of issuers V > Headlines for Volt Information Sciences, Inc. > News item |
Fitch rates Volt loans BB
Fitch Ratings said it assigned a BB rating to Volt Information Sciences, Inc.'s $42 million five-year senior unsecured revolving credit facility.
Affirmed is the issuer default rating at BB and $12.7 million 8.2% secured term loan at BBB-.
The outlook is stable.
Ratings reflect the company's ability to maintain solid coverage and leverage metrics and stable operating performance, while continuing to diversify its sources of operating income away from the staffing services segment, the agency said.
The issuer's total adjusted debt-to-EBITDAR ratio was 3.4 times for 2007, owing to the debt used to finance the acquisition of LSSi Corp. in late 2007.
Concerns reflect competition in the staffing services segment, the exposure of this segment to the business cycle and the relatively low margins in the segment, Fitch said.
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