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Fitch: Affiliated Computer view positive
Fitch Ratings said it revised the outlook on Affiliated Computer Services, Inc. to positive and affirmed the issuer default rating, senior secured revolving credit facility and senior secured term loan at BB, and senior notes at BB-.
The outlook reflects the demonstrated resiliency of the company's business model to the current U.S. recession, strong new contract bookings growth and greatly reduced event risk, according to the agency.
Ratings are supported by consistent free cash flow, diverse business lines, solid growth prospects and geographically diverse offshore delivery model, the agency said.
Concerns include the company' acquisitive nature, operating profit pressures and ongoing Securities and Exchange Commission and Department of Justice investigations relating to historical stock option grants, and several lawsuits relating to the attempted buyout transaction by founder and chairman Darwin Deason and Cerberus in 2007, Fitch said.
Total debt-to-operating EBITDA ratio was relatively unchanged at 2.1x as of Dec. 31.
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