Moody's lifts Vangent

Moody's Investors Service said it upgraded Vangent, Inc.'s corporate family and probability of default ratings to B2 from B3, along with its $50 million senior secured revolving credit facility due February 2012 to Ba3 (LGD 2, 23%) from B1 (LGD 2, 25%), $215 million senior secured term loan due February 2013 to Ba3 (LGD 2, 23%) from B1 (LGD 2, 25%) and $190 million of 9 5/8% senior subordinated notes due February 2015 to Caa1 (LGD 5, 84%) from Caa2 (LGD 5, 83%).

The speculative-grade liquidity rating remained at SGL-3.

The outlook was revised to stable from negative.

The upgrade recognizes Vangent's higher revenue base as a result of the acquisition of Buccaneer Computer Systems & Service, Inc. in September 2010 and the expectation of modest revenue growth based on the current backlog, Moody's said.

The stable outlook is supported by Vangent's adequate liquidity profile and stable revenue sources, the agency said.

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