Moody's gives DCS Business SGL-2

Moody's Investors Service said it assigned a speculative grade liquidity rating of SGL-2 to DCS Business Services, Inc., a wholly owned subsidiary of Performant Financial Corp.

Concurrently, Moody's affirmed the B2 corporate family and senior secured ratings and the B3-PD probability of default rating.

The outlook is stable.

Moody's said the SGL-2 liquidity rating reflects a good liquidity profile considering Performant's growth-related working capital needs, expected capital expenditures of up to $15 million over the next year and somewhat heavy loan amortization, which averages $10.6 million annually for the next several years.

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