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Moody's: Apptis unchanged
Moody's Investors Service said that Apptis (DE) Inc.'s announcement that URS Corp. (Ba1) has agreed to acquire it from affiliates of New Mountain Capital does not affect Apptis' Caa1 corporate family rating and Caa1 probability of default rating.
The outlook is positive.
The acquisition does not include the Iron Bow product reseller subsidiary of Apptis, which is expected to continue to operate as an independent, stand-alone company, the agency said. The transaction is expected to close within about 60 days.
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