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S&P lowers Alion view to negative
Standard & Poor's said it revised its outlook on Alion Science and Technology Corp. to negative from stable.
At the same time, the agency said it affirmed its B+ corporate credit rating and B+ rating on the company's approximately $170 million senior secured bank facility.
The outlook revision reflects the recently lost recompete of the Joint Spectrum Center Engineering Support Services contract, which was Alion's largest contract in fiscal 2004, contributing nearly $50 million, S&P said.
The ratings reflect Alion's relatively modest position in the highly competitive and consolidating government IT services market, an acquisitive growth strategy and high debt leverage, the agency added.
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