Moody's drops TASC, loans

Moody's Investors Service said it lowered TASC, Inc.'s corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD.

The agency also downgraded the company's $80 million first-lien revolver due 2015 to B2, LGD3, 42% from B1, LGD3, 37% and $641 million first-lien term loan due 2015 to B2, LGD3, 42% from B1, LGD3, 37%.

The outlook is stable.

Moody's said that year-over-year revenue declines that quickened across 2013, against elevated credit metrics and a pressured U.S. fiscal setting drove the downgrade.

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