S&P lowers Affiliated Computer

Standard & Poor's said it lowered its corporate credit rating and senior secured ratings on Affiliated Computer Services, Inc. to B+ from BB.

The ratings remain on CreditWatch with negative implications where they were placed on Jan. 27, S&P said.

The agency added that the ratings downgrade and CreditWatch follows the company's announcement that it is not in a position to file its annual report on Form 10-K for its fiscal year ended June 30 by Sept. 28, which was the additional time period permitted under the SEC rules for an issuer to be deemed to have filed in a timely manner.

The company said that it would not be in a position to determine the timing for the filing of its Form 10-K until its internal investigation is complete and the company's independent auditors have had the opportunity to review the investigation's findings, the agency said.

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