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S&P keeps Alion Science on watch
Standard & Poor's said it kept its ratings on Alion Science and Technology Corp., including the B corporate credit rating, on CreditWatch with negative implications, where they were placed on Feb. 28 following the company's announcement that it had delayed the filing of its 10-Q report for the quarter ended Dec. 31.
On March 13, the company filed its amended 10-K report for the fiscal year ended Sept. 30 and its 10-Q report for the period ended Dec. 31. The company was compliant with covenants related to its credit facilities as of Dec. 31.
The agency said the ratings remain on CreditWatch with negative implications due to Alion Science's limited liquidity and negative cash flow from operations in the 12 months ended December. Cash balances were immaterial and availability under the revolving credit facility was less than $20 million.
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