Friday, August 04, 2017 12:12:00 AM
Moody's upgrades CFR of Science Applications Int'l to Ba2 from Ba3, affirms Ba2 sr sec, outlook stable
RATINGS RATIONALE
"The rating upgrade to Ba2 reflects SAIC's competitive revenue scale, contract diversity, technical capabilities and anticipates a continuation of the steady income/cash flow stream exhibited since the Scitor acquisition of 2015. SAIC's solid credit metrics for the Ba2 rating, LTM May 5, 2017 debt/EBITDA 3.3x with EBITDA/interest 6.5x, provide cushion for acquisition-related borrowing or development spending within the platform integration business. Backlog growth since mid-2016 and the favorable US defense budget setting suggest higher organic revenue across the next few years.
The speculative grade liquidity rating of SGL-2 denotes a good liquidity profile. Scheduled near-term loan amortization of $25 million compares modestly to the $180 million of free cash flow Moody's anticipates. With cash held at around $150 million to $200 million, the likelihood, and if required the extent of, revolver borrowing should remain low. The cash benefits the liquidity profile as the revolver commitment size of $200 million seems small versus the company's size. ....."
https://www.moodys.com/research/Moodys-upgrades-CFR-of-Science-Applications-Intl-to-Ba2-from--PR_370772?WT.mc_id=AM%7eWWFob29fRmluYW5jZTQyX1NCX0NWX1JhdGluZ19OZXdzX0FsbF9Fbmc%3d%7e20170803_PR_370772&yptr=yahoo
GO SAIC
"PEACE"
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