Moody’s rates SS&C notes B2

Moody's Investors Service said it affirmed SS&C Technologies Holdings, Inc.'s Ba3 corporate family rating, Ba3-PD probability of default rating, the Ba3 rating on the company's senior secured credit facilities at its subsidiaries, and the issuer's speculative grade liquidity rating of SGL-1.

Concurrently, Moody's assigned a B2 rating to the company proposed $750 million notes.

Proceeds from this financing will be used to repay a portion of currently outstanding bank debt.

The affirmation of the existing ratings reflects the largely debt leverage neutral nature of this refinancing transaction, Moody’s said.

The outlook is stable.

The agency said that SS&C's corporate family rating, which is weakly positioned, is constrained by the issuer's elevated pro forma gross leverage of about 6x debt-to-EBITDA (Moody's adjusted), the company's acquisitive growth strategy, and execution risk related to the integration of three sizable acquisitions consummated over the past year.

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