Moody's drops Apptis to Caa1

Moody's Investors Service said it lowered the probability-of-default and corporate family ratings of Apptis (DE), Inc. to Caa1 from B3, and confirmed the B1 senior secured debt ratings.

The outlook is stable. This concludes the review for downgrade that began on Aug. 28.

Apptis' highly leveraged financial profile with an adjusted debt-to-EBITDA ratio exceeding 7x for the last 12 months, a record of losses and weak liquidity will limit the alternatives available to the company in the increasingly weakened business environment facing defense-focused information technology outsource companies, according to the agency.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.