Moody's ups Syniverse outlook to stable

Moody's Investors Service said it revised Syniverse Technologies, Inc.'s outlook to stable from negative.

Additionally, Moody's said it affirmed the company's Ba3 corporate family rating, Ba3 probability of default rating, and updated the LGD assessment for the company's individual debt instruments.

The change in outlook reflects the company's recent operating performance, successful integration of the Billing Services Group acquisition, and expectations for continued operational resilience despite the macroeconomic environment, the agency added.

Additionally, Moody's said the stable outlook reflects the company's contract renewal with Verizon Wireless, a company which contributed 14% of Syniverse's total net revenue in 2008, as well as greater visibility regarding the near-to-medium term impact of Verizon Wireless's acquisition of Alltel Corp., also a sizeable Syniverse customer.

Affirmed ratings include the company's corporate family rating at Ba3 and probability of default rating at Ba3.

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