Fitch affirms Convergys

Fitch Ratings said it affirmed Convergys Corp.'s long-term issuer default, senior unsecured bank credit facility and senior unsecured debt ratings of BBB, and short-term issuer default and commercial paper ratings of F2.

The outlook is stable.

Ratings reflect strong credit protection measures despite near-term operational challenges, solid liquidity and significant recurring revenue base, the agency said.

Ratings also consider the company's established position and gradual reduction in customer and industry concentration, Fitch noted.

Concerns include the risk of significant debt-financed acquisitions, aggressive share buybacks, execution risk and currency market exposure, the agency said.

As of March 31, the issuer had a debt-to-EBITDA ratio of 3.25 times.

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