Moody's might downgrade Apptis

Moody's Investors Service said it placed the ratings of Apptis (DE), Inc. under review for possible downgrade, including the B3 corporate family and probability-of-default ratings and the B1 (LGD2, 26%) ratings assigned to the company's $25 million senior secured revolver due December 2011 and $88 million senior secured term loan B due December 2012

The agency said the review is prompted by lower-than-expected revenues and earnings thus far through 2009 with, in Moody's view, a lower-than-expected amount of funded backlog; the more competitive operating environment facing defense-focused government outsource service providers; the July 2010 maturity of approximately $30 million of sponsor-held subordinated debt; and a weakened liquidity profile.

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