Moody's lifts Open Text view to positive

Moody's Investors Service said it revised the outlook of Open Text Corp. to positive and affirmed its B1 corporate family rating and Ba3 senior secured bank facilities.

The outlook revision reflects the company's positive operating trends, its successful integration of the Hummingbird acquisition and its success in reducing debt ahead of plan, the agency said. Since Moody's first assigned ratings to Open Text in September 2006, the company has demonstrated good revenue growth throughout combined product offerings, and the agency believes that Open Text is well positioned to grow its installed base over the intermediate term.

In addition, Moody's said that liquidity remains solid, with cash balances of $150 million at September plus access to an unused $75 million secured revolving credit facility.

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