S&P affirms Overwatch

Standard & Poor's said it affirmed its ratings, including the B+ corporate credit rating, on Overwatch Systems LLC.

At the same time, S&P said it affirmed its B+ bank loan rating and 3 recovery rating on the company's secured credit facility, which is being increased $20 million to $119 million to fund an acquisition.

The outlook is stable.

S&P said the ratings on Overwatch reflect a modest-scale of operations, limited product and program diversity, competitors that are much larger and the likelihood of debt-financed acquisitions.

These factors are offset somewhat by leading positions in niche markets for intelligence analysis tools and high operating margins, the agency added.

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