S&P: Open Text unchanged

Standard & Poor's said that the ratings on Open Text Corp. (BB-/negative) remain unaffected following the company's decision to revise the structure of the Hummingbird Ltd. financing.

Specifically, Open Text will reduce the proposed $415 million term loan B by $25 million but increase the cash contribution by a similar amount, the agency said.

As a result, pro forma balance-sheet debt at June 30, 2006, stands at $403 million compared with $428 million assumed previously, the agency noted.

S&P added it views the modest improvement to pro forma lease-adjusted debt leverage to 4.1 times from 4.3 times as positive.

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