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S&P upgrades SS&C
Standard & Poor's said it raised the corporate credit rating on SS&C Technologies Inc. to BB from BB-.
The agency also said it raised the rating on the company's senior secured debt to BBB- from BB and revised the recovery rating to 1 from 2.
The 1 recovery rating indicates 90% to 100% expected default recovery.
The outlook is stable.
The upgrade reflects the company's settlement agreement that resolves significant legal claims related to services provided by the GlobeOp business before the acquisition in 2012, said Christian Frank, an S&P analyst.
GlobeOp's insurers have agreed to fund the entirety of the settlement amount and the parties are awaiting court approval, Frank said in a press release.
The settlement significantly reduces the potential litigation liability faced by the company, the agency said.
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