S&P puts ManTech on watch

S&P said it placed ManTech International Corp.’s ratings, including the BB+ issuer rating, on CreditWatch with negative implications.

The placement follows the news that ManTech agreed to be acquired by Carlyle in an all-cash transaction that values ManTech at $4.2 billion and is expected to close in the second half of 2022.

“The negative CreditWatch placement reflects the possibility that we could lower our ratings on ManTech after Carlyle's acquisition closes because we believe it will utilize debt in its pro forma capital structure. This would lead to an increase in ManTech's leverage. ManTech's S&P Global Ratings'-adjusted leverage was 1.1x as of Dec. 31, 2021. We expect to reassess our ratings on ManTech once more information is available,” S&P said in a press release.

The agency said it aims to resolve the negative watch when the deal closes.

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