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Fitch affirms SunGard
Fitch Ratings said it affirmed SunGard Data Systems Inc.'s issuer default rating at B, $4.7 billion of senior secured term loan due 2014 and 2016 at BB- with a recovery rating of RR2;
• $829 million of senior secured revolving credit facility due 2011 and 2013 at BB- with a recovery rating of RR2;
• $250 million of 4 7/8% senior notes due 2014 at B with a recovery rating of RR4, $500 million of 10 5/8% senior unsecured notes due 2015 at B- with a recovery rating of RR5;
• $900 million of 7 3/8% senior unsecured notes due 2018 at B- with a recovery rating of RR5, $700 million of 7 5/8% senior unsecured notes due 2020 at B- with a recovery rating of RR5; and
• $1 billion of 10¼% senior subordinated notes due 2015 at CCC with a recovery rating of RR6.
The outlook is stable.
The ratings reflect the company's improved operating environment in 2011 with expectations for modest EBITDA improvement following a challenging 2010, Fitch said.
Improved results in 2011 could be offset by expected weakness in the public service and higher education segments due to ongoing budget constraints in those verticals, the agency said.
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