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S&P lifts ADS Tactical view to stable
Standard & Poor’s said it revised the outlook on ADS Tactical Inc. to stable from negative.
The agency also said it affirmed the company’s B corporate credit rating.
The outlook revision reflects the improvement in ADS Tactical’s liquidity profile as the company recently extended the maturity date of its $200 million ABL revolver to 2020 from March 2016, S&P said.
Management also improved the company’s operating efficiency and grown its market share in the face of challenging U.S. defense budget conditions over the past year, which increased the company’s earnings and improved its credit metrics, the agency said.
The company’s debt-to-EBITDA metric is expected to remain between 5x and 5.5x through 2016, with some fluctuation possible based on the timing of working capital payments, S&P said.
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