Moody's rates ManTech notes Ba2

Moody's Investors Service said it assigned to ManTech International Corp. corporate family and probability of default ratings of Ba1, along with a Ba2 rating to its proposed $200 million unsecured note issue and a speculative grade liquidity rating of SGL-1, indicating good liquidity.

The outlook is stable.

Proceeds will be used to refinance bank debt incurred in connection with ManTech's recent $242 million acquisition of Sensor Technologies Inc.

The ratings consider ManTech's sizable revenues within its niche of providing technology services to the defense and intelligence communities, Moody's said.

The ratings favorably incorporate the company's modest financial leverage, revenue visibility supported by a significant award backlog and strong coverage metrics, the agency said.

Conversely, the company's revenues and backlog contain a degree of concentration that could add an element of variability to its prospective results.

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