SAN FRANCISCO (S&P Global Ratings) June 22, 2022--S&P Global Ratings today affirmed its 'BB+' issue-level rating on Reston, Va.-based Science Applications International Corp.'s (SAIC) senior secured debt. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 35%) recovery in the event of a default. We revised the rounded estimate from 45%. We also affirmed our 'BB-' issue-level rating on the senior unsecured notes with a '6' recovery rating (0%-10%; rounded estimate: 0%). Our other ratings on SAIC are unchanged. SAIC intends to upsize its term loan A by $500 million to $1.23 billion and extend the maturity to June 2027 from October 2023. SAIC will use the proceeds to repay in full its $99 million term loan
