S&P changes Sungard Availability view

S&P said it revised its outlook on Sungard Availability Services Capital Inc. to stable from negative.

The agency also affirmed the CCC+ issuer credit rating on the company.

At the same time, the agency affirmed the issue-level rating on the company's senior secured first-lien debt at B-. The 2 recovery rating is unchanged, indicating an expectation for substantial (70% to 90%; rounded estimate: 80%) recovery in the event of a payment default.

In addition, the agency affirmed the issue-level rating on the company's senior unsecured notes due 2022 at CCC-. The 6 recovery rating is unchanged, indicating an expectation of negligible (0% to 10%; rounded estimate: 5%) recovery in the event of a payment default.

“The outlook revision reflects a view that Sungard AS does not face imminent default risk following its debt maturity extension to 2021 and 2022 from 2019 and has stabilized its ability to meet near-term financial commitments because of slowing negative cash outflows and adequate liquidity sources over the next 12 months,” S&P said in a news release.

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