S&P cuts Conduent

S&P said it downgraded Conduent Inc.’s first-lien issue-level rating to BB- from BB+ and senior unsecured issue-level rating to B from BB-. The also also downgraded the company’s rating to B+ from BB.

“The downgrade reflects our view that Conduent Inc. will face heightened operational and execution risk amid stiff competition, high business investment needs, and the difficult economic environment over the next 12-18 months. We now expect mid- to high-single-digit organic revenue declines, market share losses, and flat margins (midpoint of guidance) in 2020, as the company executes on its business improvement and investment plan,” S&P said in a press release.

The outlook is negative.

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