Moody's cuts Aspect debt, rates loan B1

Moody's Investors Service said it downgraded Aspect Software, Inc.'s corporate family rating to B3 from B2 and revised company's outlook to stable from negative.

Moody's also downgraded Aspect's $30 million senior secured revolving facility due 2014 to B1 from Ba3, $408 million first-lien term loan due 2016 to B1 from Ba3 and $295 million second-lien notes due 2017 to Caa2 from Caa1.

Finally, the agency assigned a B1 rating to the company's $85 million delayed draw first-lien term loan due 2016.

Moody's said the downgrade was driven by the potential increase in debt and leverage with the proposed financing at a time when leverage is already high, cash flow weak and the company in the midst of attempting to offset significant declines in its legacy software business.

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