S&P: ManTech recovery rating revised to 4

Standard & Poor's said it revised the recovery rating on ManTech International Corp.'s $200 million 7¼% senior unsecured notes due 2018 to 4 from 3 based on a decrease to the default-level enterprise valuation on the company.

The BB+ issue-level rating on the notes is unchanged.

The agency said it assesses a lower profitability environment within the U.S. government contracting industry as a result of federal budget pressures over the intermediate term.

The company's BB+ corporate credit rating and stable outlook remain unchanged and reflect its fair business risk profile and significant financial risk profile.

The business risk assessment incorporates the company's predictable revenue streams based on contractual backlog of business, as well as diversified customer and contract base, S&P said.

The financial risk profile reflects some flexibility for ManTech to utilize its outstanding revolving credit facility for opportunistic acquisitions at its current leverage of 1.4x as of Dec. 31, 2012, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.