S&P affirms Alion Science

Standard & Poor's said it affirmed its B corporate credit and CCC+ senior unsecured debt ratings on Alion Science And Technology Corp.

At the same time, S&P said it revised its outlook on Alion to negative from stable.

S&P said it also affirmed its BB- bank loan and 1 recovery ratings on Alion's $292 million senior secured bank facility, which consists of a $50 million revolving credit facility and a $242 million term loan, including the proposed $25 million add-on.

According to the agency, the revision of the outlook to negative reflects increased debt leverage resulting from the proposed $25 million term loan add-on, and the ratings on Alion reflect its second-tier position in the highly competitive and consolidating government IT services market, an acquisitive growth strategy, high debt leverage and limited liquidity.

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