S&P affirms UGS, gives notes B-

Standard & Poor's said it affirmed its corporate credit rating and other ratings on UGS Corp. and maintained its outlook at stable.

The agency said it also assigned a B- rating to the proposed offer of $300 million of payment-in-kind notes due 2011.

S&P added that the ratings reflect UGS's high leverage and a narrow product focus relative to the overall software and services industry.

These are somewhat offset by UGS's entrenched customer relationships, recurring revenues stemming from long-term contracts and good profitability, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.