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S&P lifts SS&C Tech
Standard & Poor's said it raised the corporate credit rating on SS&C Technologies Inc. to B+ from B, following improved operating trends and financial metrics.
The outlook is stable.
S&P said it raised the issue-level ratings on SS&C's senior secured financing and senior subordinated notes. The issue-level rating on the company's $350 million senior secured credit facility was raised to BB- from B+.
Ratings reflect the company's high leverage, acquisitive growth strategies and dependence on financial services information technology spending, the agency said.
These factors are offset partially by the currently favorable outsourcing environment, as well as the company's recurring revenue base and good profitability and cash flow generation, S&P said.
The issuer's operating lease-adjusted debt-to-EBITDA ratio was 4.9 times as of year-end 2007.
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