Summary: Altegrity Inc. Jan 13

Standard & Poors, January 2013

Abstract
The ratings on Falls Church, Va.-based global information services provider Altegrity Inc. reflect Standard & Poor's Ratings Services' assessment that the current capital structure is unsustainable without a marked improvement in profitability, which we are not forecasting in part because of the company's continued dependence on the U.S. government, which accounts for nearly 40% of its revenue. As of Sept. 30, 2012, we calculate total debt to EBITDA was very high at 9.0x, EBITDA interest coverage was thin at 1.3x, and funds from operations (FFO) to total debt was a weak 4.6%. We believe a covenant breach is possible over the next 12 months, and it is unclear whether creditors will waive or amend any such breach, given extremely weak...

Companies mentioned in this report are:
- Altegrity Inc.

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Altegrity Inc.

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