TASC Inc. Downgraded To 'B' On Expected Continued Declines; Outlook Stable; Debt Ratings Also Lowered Apr 14
- Language: English
- Published: April 2014
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Research Type: Full Analysis
Standard & Poor's Ratings Services is updating its recovery report on TASC Inc. to reflect the impact of the company's recent refinancing of its term loans. Both the recovery and issue ratings are unchanged. Our default scenario envisions a default in 2015 due to a significant loss in contracts resulting from performance issues weakening operating profitability and the company's ability to re-compete for existing contracts or win new contracts. The revised capital structure comprises a $100 million senior secured revolver credit facility, a $575 million term loan B, and $310 million in senior subordinated notes. The revolver and term loan are secured by a perfected first-priority security interest in substantially all tangible and intangible assets, including all personal, real, and...
Companies mentioned in this report are: TASC Inc.