S&P affirms TNS, off watch

Standard & Poor's said it affirmed its BB- corporate credit and senior secured debt ratings on TNS Inc.

At the same time, S&P said it removed its ratings on TNS from CreditWatch, where they were placed with negative implications on March 14, following announcements that the company had received a proposal for a management buy-out and would explore strategic alternatives for the purpose of enhancing shareholder value.

The outlook is stable.

S&P noted that the ratings on TNS reflect its narrow addressed market, declining domestic point-of-sale business, significant customer concentrations and weakened profitability.

These factors are partially offset by a solid market position in its addressed niche, prospects for continued international expansion and currently strong credit metrics for the rating, the agency added.

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