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Moody’s downgrades Pactera
Moody's Investors Service said it downgraded the corporate family rating of Pactera Technology International Ltd. to B2 from B1.
The agency also said it downgraded the senior secured debt rating to B2 from B1 on the notes issued by BCP Singapore VI Cayman Financing Co. Ltd. (BCP Financing Co.) and guaranteed by Pactera.
Both ratings are on review for downgrade, Moody’s added.
The downgrades reflect concerns that ongoing operational challenges will continue to pressure the company's operating margin below the levels expected for the B1 rating category, the agency said.
Since the first quarter of 2015, Pactera has reported operating profit margins of less than 3%, Moody’s said, and it has continued to face a high cost base and increasing working capital needs in China.
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