S&P rates Aegis notes BB-

Standard & Poor's said that it assigned a BB- long-term corporate credit rating to Aegis Ltd. and a BB- issue rating to the proposed issue of senior notes due 2016 to 2018 by Aegis' wholly owned subsidiary Essar Services (Mauritius).

The outlook is stable.

The ratings on Aegis reflect the company's high reliance on its inbound voice business and relatively lower margins and a higher attrition rate than peers' in the competitive business process outsourcing industry, the agency said.

The ratings also reflect the ongoing transformation in Aegis' business and strategy, the agency added. However, the company's moderate size, recurring revenues from a good client base and track record of improving profitability partly mitigate weaknesses.

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