Moody's: iGate B1, notes B2

Moody's Investors Service said it assigned B1 corporate family and probability of default ratings to iGate Corp., along with a B2 rating to its proposed $770 million senior unsecured debt and a speculative-grade liquidity rating of SGL-1.

The outlook is stable.

The ratings reflect the company's moderately high financial leverage with a debt-to-EBITDA ratio of about 5x, along with its small size and scale relative to larger and financially stronger information technology services, Moody's said.

The ratings are supported by a recurring revenue stream from longstanding customer relationships, solid operating margins, good liquidity profile and significant offshore labor infrastructure, the agency said.

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