S&P: Titan off watch

Standard & Poor's said it affirmed its ratings on Titan Corp. and removed them from CreditWatch, where they were placed on Sept. 16, 2003.

The corporate credit and senior secured debt ratings are BB- and the subordinated debt rating is B. The outlook is stable.

S&P said the negative CreditWatch listing was based on uncertainty surrounding investigations by the Department of Justice and the Securities and Exchange Commission into whether Titan consultants violated the Foreign Corrupt Practices Act.

The affirmation reflects agreements reached with both the SEC and DOJ and Titan's eligibility to continue to perform work for the Federal government, S&P said.

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