S&P boosts Deltek

Standard & Poor's said it raised its corporate credit rating on Deltek Inc. to BB- from B+.

The outlook is stable.

At the same time, the agency said it raised its issue-level ratings on the company's senior secured credit facilities to BB+ from B+.

The facilities consist of a $30 million revolving credit facility and a $215 million term loan ($179.6 million outstanding), the agency said, noting that it also revised the recovery ratings on the senior secured credit facilities to 1 from 3 due to a reduction of the secured debt balance under its default scenario.

"The upgrade follows Deltek's recent amendment of its credit facility, which reduces near term refinancing risk by extending the maturity date on $22.5 million of its revolving credit facility and $129.4 million of term loan debt to April 2013," said S&P credit analyst Susan Madison.

© 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.