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Research Update: Vangent Inc. Ratings Withdrawn After General Dynamics Corp. Acquires Company Oct 11
Standard & Poors, October 2011
On Oct. 3, 2011, Standard & Poor's Ratings Services withdrew its corporate credit rating and issue-level and recovery ratings on Vangent Inc. following General Dynamics Corp.'s announcement that it had completed its acquisition of Vangent. The outstanding balance on under Vangent's $240 million term loan B due 2013 and $190 million senior subordinated notes due 2015 were repaid as part of the transaction, and its $50 million revolver was also terminated. We withdrew all ratings at the company's request. Ratings Withdrawn To From Vangent Inc. Corporate Credit Rating NR/-- B+/Stable/-- Senior Secured NR BB Recovery Rating NR 1 Subordinated NR B- Recovery Rating NR 6...
Companies mentioned in this report are:
- Vangent Inc.
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- Vangent Inc.