...January 22, 2024 NEW YORK (S&P Global Ratings) Jan. 22, 2024--S&P Global Ratings today assigned its '##+' issue-level and '3' recovery ratings to Science Applications International Corp.'s (SAIC) proposed $510 million term loan B due in 2031. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. At the same time, we affirmed our '##+' issue-level rating on SAIC's revolver and term loan A, and revised the recovery rating to '3' from '4'. The higher recovery rating reflects the reduction in secured debt following some early term loan repayment using proceeds from the divestiture of SAIC's supply chain business. We also affirmed our '##-' issue-level rating on the company's unsecured notes. The '6' recovery rating is unchanged. We expect SAIC will use the proceeds from the additional debt to pay down its term loan B1 and term loan B2, which leads us to view the transaction as leverage neutral. Management extended...
