S&P lifts SS&C view to stable

S&P said it revised the outlook on SS&C Technologies Inc. to stable from negative and affirmed its BB corporate credit rating.

The agency also said it affirmed the BB rating with a recovery rating of 3 on the company's secured credit facility, which consists of a $150 million revolving credit facility and $2.48 billion term loan.

The 3 recovery rating indicates 50% to 70% expected default recovery.

S&P also said it affirmed the company’s B+ rating with a recovery rating of 6 on the company's $600 million senior unsecured notes. The 6 recovery rating indicates 0 to 10% expected default recovery.

The outlook revision reflects SS&C's achievement of a majority of the planned synergies from the Advent acquisition and the repayment of debt from free cash-flow generation, the agency said.

The stable outlook reflects an expectation that the company will continue to achieve organic revenue growth and EBITDA margin expansion from acquisition synergies, S&P said.

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