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S&P lowers Aspect Software
Standard & Poor’s said it lowered the corporate credit rating on Aspect Software Inc. to CCC+ from B-.
The outlook is negative.
S&P also said it lowered the rating on the company’s term loan and revolving credit facility to B- from B. The recovery rating on this debt remains at 2, indicating 70% to 90% expected default recovery.
The agency also said it lowered the rating on the company’s second-lien notes to CCC from CCC+. The recovery rating on the notes remains at 5, indicating 10% to 30% expected default recovery.
The downgrade is based on Aspect’s ongoing weak free cash flow and weak liquidity, which reflects continued tight covenant headroom despite a recent amendment of covenant tests, S&P said, and the upcoming maturities of the revolving credit facility in February 2016 and term loan in May 2016.
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