Standard & Poor’s raises rating on $400 million Unisys senior note offer
By APMonday, July 6, 2009
S&P raises rating on $400M Unisys note offer
NEW YORK — Standard & Poor’s Ratings Services said Monday it has raised its rating on Blue Bell, Pa.-based technology services provider Unisys Corp.’s $400 million senior notes due 2012 to B from CC and removed it from CreditWatch.
The ratings agency also affirmed the B rating on the company’s $300 million senior notes due March 2010.
Standard & Poor’s added that, due to the value and composition of the offers for the 2010 and 2012 notes, it does not view these exchanges as distressed.
Lastly, S&P revised the CreditWatch on the CC corporate credit rating and the CC rating on the $150 million notes due 2015 and $210 million notes due 2016 to negative from developing.
“Our rating actions follow the company’s revised offers for all outstanding notes,” said Standard & Poor’s credit analyst Martha Toll-Reed in a statement.
The company’s shares climbed 2 cents to $1.67 in after-hours trading. The stock had closed down 13 cents, or 7.3 percent, at $1.65.
