Summary: Altegrity Inc. Jan 13
- ID: 2386784
- January 2013
- Standard & Poors
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.
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