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Apptis (DE) Inc. Ratings Withdrawn After Its Acquisition By URS Corp. Jun 11
Standard & Poors, June 2011
Abstract
NEW YORK (Standard & Poor's) June 13, 2011--Standard & Poor's Ratings Services said today that it withdrew its corporate credit rating and issue-level and recovery ratings on Apptis (DE) Inc. following URS Corp.'s (BB+/Positive/--) announcement that it had received regulatory approval and completed its acquisition of Apptis. The remaining ~$79 million of borrowings under Apptis' $130 million term loan B due 2012 was repaid as part of the transaction, and Apptis' $25 million revolver was also terminated. We withdrew all ratings at the company's request. URS is one of the nation's largest engineering and construction companies, and is also one of the largest providers of environmental and engineering design services, and offers planning and operating and maintenance (O&M) services....
Companies mentioned in this report are: Apptis (DE) Inc.
Action: Withdrawn
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.
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