S&P affirms Unisys, cuts notes to B+

Standard & Poor’s said it affirmed its B+ corporate credit rating on Unisys Corp. The outlook is negative.

At the same time, S&P lowered the issue-level rating on the firm's existing $210 million of senior unsecured notes to B+ from BB and revised the recovery rating on the notes to 4 from 1. The 4 recovery rating indicates an expectation for average (30%-50%; lower end of the range) recovery in the event of payment default.

“Our affirmation of the corporate credit rating reflects our expectation that the firm will continue to need to seek external financing to fund announced restructuring plans,” said S&P credit analyst James Thomas in a news release.

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