Moody's: Wall Street Systems B2, loans Ba3, Caa1

Moody's Investors Service said it assigned to Wall Street Systems Holdings, Inc. a B2 corporate family rating, B2 probability of default rating, Ba3 ratings to its proposed $25 million revolving credit facility and $200 million first-lien term loan and Caa1 rating to the proposed $125 million second-lien term loan.

The outlook is stable.

The ratings reflect the company's high initial pro-forma leverage of about 6.5x and the company's small scale as a niche provider of software and services for corporate treasury management, foreign-exchange trade processing and Central Bank activity, Moody's said.

The ratings are supported by the company's leading market positions and recurring revenue base driven by a subscription-based model and minimal client churn, the agency said.

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