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Moody’s: HT Global notes Ba3
Moody’s Investors Service said it assigned a first-time Ba3 corporate family rating to HT Global IT Solutions Holdings Ltd.
Moody’s also said it assigned a provisional Ba3 rating to HT Global’s proposed $300 million senior notes due 2021.
The proceeds from the notes will be largely used for refinancing purposes at HT Global and pre-fund the first two years of interest payments on the proposed notes, the agency said.
The provisional rating on the proposed notes will be removed upon completion of the issuance and satisfactory review of the final terms and conditions, Moody’s said.
The outlook is stable.
The ratings are supported by a 71% controlling interest in Hexaware, the company’s debt-free financial position and high EBITDA-to-cash flow conversion rates at Hexaware, the agency said.
The ratings also consider the solid liquidity profile of both HT Global and Hexaware, Moody’s said.
The ratings also take into account Hexaware’s mid-sized scale relative to large global IT service providers and high customer and geographic concentration, the agency added.
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