S&P affirms Convergys

Standard & Poor's said it affirmed its BB+ corporate credit rating on Convergys Corp.

At the same time, the agency said it removed the ratings from CreditWatch, where they were placed with negative implications on March 26 due to the announced sale of the company's information management business, which reduced its business diversity.

The outlook is stable.

In addition, the agency said it affirmed its BB- issue-level rating on the 5¾% junior subordinated convertible debt due 2029. The recovery rating on the convertible debt remains unchanged at 6.

The agency said this action follows S&P's assessment of the company's credit profile, pro forma for the sale of the information management business to NEC Corp., which closed on May 16.

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