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Moody's gives Sitel loan B1
Moody's Investors Service said it affirmed Sitel, LLC's B3 corporate family rating, along with the B1 rating on its senior secured credit facility and Caa2 ratings on its senior unsecured notes.
The affirmations were in conjunction with Sitel's amendments to a portion of its first-lien credit agreement to extend the maturity by three years, Moody's said.
The extended tranches of senior secured credit facilities, including a $31 million first-lien revolving credit due 2016 and $227 million first-lien term loan due 2017, were assigned B1 ratings (LGD 3, 33%).
The outlook was revised to negative from stable, reflecting the company's high financial leverage and challenges in generating free cash flows.
The negative outlook reflects expectations that Sitel's high leverage and weak cash flows will persist over the next 12 to 18 months, Moody's said.
The outlook additionally considers the company's challenges in generating operating cash flow growth amid an uneven economic recovery, the agency said.
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