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Bulletin: Apptis (DE) Inc. Ratings Unaffected By Sale Of Government IT Services Business
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) April 28, 2011--Standard & Poor's Ratings Services said today that its ratings on Chantilly, Va.-based government IT services and value-added IT reseller Apptis Inc. are unaffected by the announcement that it is selling its IT services business, Apptis Services, to URS Corp. (BB+/Positive/--), a large engineering and construction company. URS is acquiring Apptis Services for $260 million in cash from the Apptis shareholders, including private-equity sponsor New Mountain Capital. The company's IT reseller business, Iron Bow Technologies, is not part of the transaction and will remain as a stand-alone business and continue to be owned by New Mountain Capital. Standard & Poor's expects that upon completion of the transaction, the company will use a portion...
Companies mentioned in this report are: Apptis (DE) Inc.
Action: Bulletin
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