S&P lowers Pactera

Standard & Poor's said it lowered the long-term corporate credit rating on Pactera Technology International Ltd. to B+ from BB-.

The agency also said it lowered the rating on the $275 million senior unsecured notes due 2021 to B+ from BB- that were issued by BCP (Singapore) VI Cayman Financing Co. Ltd.

The notes are guaranteed by Pactera.

S&P also said it lowered the long-term Greater China regional scale rating on Pactera and the notes to cnBB from cnBB+.

The outlook is stable.

The downgrades reflect an expectation that the company's profitability will remain weak over the next 12 to 24 months due to increasing competition in the Chinese and international IT services and outsourcing industry, the agency said.

The IT industry is now evolving faster than before, lowering Pactera's profitability, S&P said. As a result, Pactera's revenue from the United States fell in the first three quarters of 2015, the agency said.

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