Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers H > Headlines for HP Inc. > News item |
Fitch put Perspecta on watch
Fitch said it placed the long-term issuer default rating and senior secured BB+/RR1 ratings of Perspecta Inc. on rating watch negative. Fitch affirmed Perspecta Enterprise Solutions LLC’s notes at BBB+, which continue to benefit from BBB+ rated HP Inc.’s guarantee.
“The action reflects the announcement by Perspecta that it entered into a definitive agreement under which it will be acquired by Peraton, a portfolio company of Veritas Capital, in an all-cash transaction valued at $7.1 billion. (On Dec. 7, 2020, the federal IT and mission support services businesses of Northrop Grumman entered into a definitive agreement to be acquired by Peraton for $3.4 billion.),” Fitch said in a press release.
The RWN reflects the expectation Peraton’s post-acquisition ratings may be materially lower than Perspecta’s current BB rating, Fitch said.
The agency plans to resolve the rating watch within 12 months until further review of the transaction and financing plans. If Fitch were to cut Perspecta, it expects the downgrade would likely be more than one notch, the agency said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.