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Moody’s upgrades Deltek, loans
Moody's Investors Service said it upgraded Deltek, Inc.'s corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD, first-lien term loan and revolver to Ba3 from B1 and second-lien term loan to Caa1 from Caa2.
The outlook is stable.
Moody’s said the upgrade of the corporate family rating to B2 is based upon its expectation that Deltek will sustain annualized free cash flow to debt in excess of 5%, and that leverage will be sustained below 7.5 times.
The B2 rating is driven by Deltek's very high leverage levels and the aggressive financial policies of its private equity owners (as highlighted by multiple dividend recapitalizations), the agency said. The ratings also take into account the entrenched position of Deltek's software products in the government contractor market.
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