Moody's revises Aptim view to negative

Moody's Investors Service said it changed the outlook on Aptim Corp. to negative from stable.

Moody's also said it affirmed the company's B3 corporate family rating, B3-PD probability of default rating and the B3 rating on its senior secured notes due 2025.

The outlook change reflects uncertainty regarding the company's ability to retain key customers long-term following the recently announced termination of services by a large customer, Entergy Corp., the agency said.

Moody's also noted that this most recent customer loss marks the second large customer that has terminated its contract with Aptim in the past six months, meaningfully weakening the company's future earnings prospects.

The ratings also reflect a view that the company will maintain a good liquidity profile, supported by a healthy amount of balance sheet cash and ensuing limited reliance on its asset-backed loan for the next 12 to 18 months, the agency said.

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