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S&P ups Open Text outlook to positive
Standard & Poor's said it revised its outlook on Open Text Corp. to positive from stable.
At the same time, the agency said that it affirmed the ratings, including the BB- long-term corporate credit rating, on the company.
The agency noted that the outlook revision reflects the combination of a largely successful integration of Hummingbird Ltd. (not rated), improved outlook for growth in software license revenues and a substantial improvement in adjusted debt leverage and corresponding credit measures from debt reduction in recent quarters.
Also constraining the ratings on Open Text are the highly competitive and consolidating technology marketplace in which it operates, characterized by larger, more-integrated providers and an aggressive financial policy that includes an acquisitive growth strategy, S&P said.
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