S&P lifts iGate CCR, notes to BB

Standard & Poor's said it raised its corporate credit rating on iGate Corp. to BB from BB-.

The outlook is stable.

At the same time, the agency raised the issue-level rating on the company's $325 million senior unsecured notes to BB from BB-. The recovery rating remains 3, indicating an expectation for average (50%-70%, at the higher end of the range) recovery in the event of a payment default.

"The upgrade of iGate reflects our view of the company's improved financial risk profile after it significantly reduced leverage in 2014 to 2.1x from 5.9x in 2013," S&P credit analyst Peter Bourdon said in a news release.

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