S&P puts HT Global on watch

S&P said it placed the B+ ratings for HT Global IT Solutions Holdings Ltd. and its senior secured notes on CreditWatch with negative implications.

“We believe HT Global’s leverage could increase over the next three months, given the company’s plan to acquire the outstanding minority stake in subsidiary Hexaware through a mix of debt and equity and subsequently delist it,” S&P said in a press release.

The placement indicates that S&P could lower its ratings on HT Global over the next three months, the agency said.

“This could happen if the company funds the acquisition of the minority stake in Hexaware with debt, resulting in its debt-to-EBITDA ratio increasing beyond 3.5x for a prolonged period,” S&P 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.