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S&P: DigitalNet on positive watch
Standard & Poor's said it placed its B+ corporate credit and B senior unsecured debt ratings of DigitalNet Inc. on CreditWatch with positive implications.
The CreditWatch listing follows the announced acquisition of DigitalNet by BAE Systems (BBB/stable/A-2).
DigitalNet is a leading provider of networking, seat management, and desktop outsourcing solutions to the U.S. federal government. The transaction is valued at about $600 million, including the assumption of about $94 million of DigitalNet's outstanding debt. The transaction, which must be approved by shareholders, is expected to close by the end of the year, pending regulatory reviews.
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