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Amdocs Ltd. Jan 12
Standard & Poors, Jan 2012
Abstract
Expectations for modest debt leverage; Strong liquidity; High cash flow visibility and recurring revenue base; and Fair growth prospects with communications industry's focus on cost-cutting. Significant customer concentrations; and Moderately acquisitive growth strategy. The ratings on St. Louis-based Amdocs Ltd. reflect its top-tier customer base and highly visible and recurring revenue base, Standard & Poor's Ratings Services' expectations for modest debt leverage with 'strong' liquidity (as defined in our criteria), and good growth prospects as the telecom sector matures and shifts its focus to cutting costs. Amdocs' customer concentration, and a moderately acquisitive growth strategy somewhat temper the positive factors. Although leverage is currently minimal, our ratings and outlook reflect our expectation for adjusted leverage of up to 2x. Amdocs...
Companies mentioned in this report are: Amdocs Ltd.
Action: Review
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: Full Analysis
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