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S&P: Alion Science view stable
Standard & Poor's said it revised the outlook on Alion Science and Technology Corp. to stable from developing as a result of amendments to its credit agreement that provide additional cushion to its still somewhat tight near-term covenant requirements until Sept. 30, 2009.
The B- corporate credit rating was affirmed.
Ratings reflect Alion's second-tier position in the highly competitive and consolidating government IT services market, very high debt leverage and a still tight near term cushion within its bank loan covenants, the agency said.
A predictable revenue stream based on a strong backlog and the expectation that the government IT services sector will continue to grow over the intermediate term are partial offsets to these factors, the agency noted.
Operating lease adjusted total debt-to-EBITDAE ratio was about 8.4x, from 8.6x on March 31.
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