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Fitch: Affiliated Computer off watch
Fitch Ratings said it removed Affiliated Computer Services, Inc. from rating watch negative and affirmed the following ratings: issuer default rating at BB, senior secured revolving credit facility at BB, senior secured term loan at BB and senior notes at BB-.
The outlook is stable.
Fitch said its removal of Affiliated Computer from rating watch negative reflects the conclusion of the company's review of strategic alternatives, which ultimately resulted in no modification of the existing capital structure attributable to a leveraged buyout or other change of ownership.
The agency said that the ratings are supported by ACS's consistent free cash flow due to a significant recurring revenue base from long-term outsourcing contracts and diverse business lines, several of which are insulated or countercyclical to U.S. economic growth, with minimal exposure to discretionary IT spending, such as consulting.
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