S&P puts Pactera on developing watch

S&P said it placed the B+ long-term corporate credit rating and cnBB long-term Greater China regional scale rating on Pactera Technology International Ltd. on CreditWatch with developing implications.

The agency also said it placed the B+ long-term issue rating and cnBB Greater China regional scale rating on the company’s $275 million senior unsecured notes due 2021 on CreditWatch with developing implications.

BCP (Singapore) VI Cayman Financing Co. Ltd. issued the notes, which are guaranteed by Pactera, S&P said.

The developing watch follows a proposal by HNA Group to acquire the company, the agency said.

Pactera announced Aug. 22 that Blackstone Group LP and other shareholders of BCP (Singapore) VI Cayman Acquisition Co. Ltd. entered into a share purchase agreement with HNA EcoTech Group Co. Ltd., an affiliate of HNA Group, for the sale of almost all the issued and outstanding shares of BCP (Singapore) VI Cayman Acquisition to HNA EcoTech or its affiliates, S&P explained.

Currently, there is limited information available to assess the impact of the acquisition on Pactera, the agency said.

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