Moody's downgrades TASC

Moody's Investors Service said it lowered the corporate family rating of TASC, Inc. to B2 from B1.

Moody's said the downgrade comes as revenues and earnings fail to reach expected levels and will likely remain pressured by the U.S. Department of Defense's tightening management of service contractor outlays.

Concurrently, TASC's bank debt rating was lowered two notches, to B1 from Ba2.

The outlook was changed to stable from negative.

The bank debt downgrade reflects the one notch corporate family downgrade and debt structure change from the company's plan to expand its existing term loan to $625 million from $560 million, Moody's said.

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