Moody’s ups SS&C notes, rates loan Ba1

Moody's Ratings said it affirmed SS&C Technologies Holdings, Inc.'s corporate family rating at Ba2 and its probability of default rating at Ba2-PD.

Moody's upgraded the senior unsecured global notes issued by SS&C Technologies, Inc. to Ba3 from B1.

The agency also affirmed SS&C Technologies and SS&C European Holdings Sarl existing backed senior secured credit facilities at Ba1.

Moody's assigned a Ba1 rating to SS&C Technologies' proposed $2.75 billion backed senior secured term loan due 2031.

The speculative grade liquidity rating remains SGL-1.

All outlooks remains stable.

The net proceeds from the proposed term loan will be used to repay existing secured debt. In addition to the proposed term loan due 2031, SS&C intends to issue $750 million of unsecured debt and use the net proceeds to repay existing secured debt.

The agency said the ratings reflect that the company is moderating debt to EBITDA (3.4x as of March 31, Moody's adjusted) as well as its large operating scale and competitive positioning as a provider of software and software-enabled services, primarily to financial services firms.

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