S&P: SAIC unchanged

Standard & Poor's said the rating and outlook on SAIC Inc. are not currently affected following news that the company reached a settlement with the U.S. Attorney's Office for the Southern District of New York and the City of New York relating to investigations of an automated time and attendance and workforce management system.

In connection with the settlement, the company entered into a deferred prosecution agreement with the U.S. Attorney and also agreed to pay about $500 million, comprised of $370 million in restitution that will be paid to the New York City and a $130 million penalty to the U.S. government, S&P said.

The company also will terminate its right to collect about $40 million in receivables from the New York City. The $500 million payment will be paid by April 30, 2012, the agency said.

The settlement by itself does not have an effect on the company's rating and outlook, S&P said.

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