Science Applications International Corp. Assigned 'BB' Corporate Credit Rating; The Outlook Is Stable

Science Applications International Corp. (SAIC) has announced plans to acquire privately held Scitor Corp. with the proceeds from incremental debt, resulting in pro-forma debt-to-EBITDA rising to about 3.5x from around 1x. We are assigning our 'BB' corporate credit rating on SAIC. The stable outlook reflects our belief that SAIC's credit metrics should gradually improve over time as the company reduces its debt, although it also factors in the potential for future acquisitions. NEW YORK (Standard&Poor's) April 8, 2015--Standard&Poor's Ratings Services said today that it has assigned its 'BB' corporate credit rating on U.S.-based Science Applications International Corp. The outlook is stable. At the same time, we assigned our 'BB' issue-level rating to the company's secured credit

...+ Science Applications International Corp. (SAIC) has announced plans to acquire privately held Scitor Corp. with the proceeds from incremental debt, resulting in pro-forma debt-to-EBITDA rising to about 3.5x from around 1x. + We are assigning our '##' corporate credit rating on SAIC. + The stable outlook reflects our belief that SAIC's credit metrics should gradually improve over time as the company reduces its debt, although it also factors in the potential for future acquisitions. NEW YORK (Standard & Poor's) April 8, 2015--Standard & Poor's Ratings Services said today that it has assigned its '##' corporate credit rating on U.S.-based Science Applications International Corp. The outlook is stable. At the same time, we assigned our '##' issue-level rating to the company's secured credit facility, which includes the existing $500 million term loan A (roughly $489 million outstanding as of Jan. 31, 2015), a $100 million add-on to the term loan A, a $200 million undrawn revolver, and a...

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