Moody’s reviews CACI

Moody's Investors Service said it placed CACI International, Inc.’s Ba2 corporate family rating, Ba2-PD probability of default rating and Ba2 senior secured credit facility under review for downgrade.

Moody’s said the review follows CACI's leveraging offer to acquire all outstanding shares of CSRA, Inc. for a value of about $7.2 billion (based on CACI's closing stock price of March 16).

“Should the offer be accepted CACI's CFR will decline, but not likely by more than two notches,” the agency said in a news release.

“The two companies as of last report have debt of about $4.1 billion combined. In Moody's view, the transaction would increase combined debt by $2.5 billion (reflecting the offer's cash component).

“The ratings of CSRA Inc. (CFR and senior secured Ba2) are unaffected.”

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