S&P upgrades IAP’s credit rating
Cape Canaveral, FL – IAP Worldwide Services, Inc. announced that Standard & Poor’s upgraded its credit rating to a B from a B- with a stable trend.
The S&P upgrade came as the result of improved operating performance and a stronger liquidity profile for IAP, which results in credit measures that justify a higher rating, according to S&P credit analyst Dan Picciotto.
IAP liquidity was rated adequate by S&P with a strong cash-flow balance of about $70 million as of 30 September, 2010. IAP’s outlook is considered stable by S&P. S&P’s current ratings indicate that it expects IAP to maintain adequate liquidity with room under its current covenants, and to continue to generate positive cash flow.
“The improved credit rating is the result of a very strong year for IAP both operationally and financially,” said IAP Chief Financial Officer Charles Peiffer. “As our operations continue to improve and we find new sources of revenue, I expect our S&P rating to climb.”
IAP Worldwide Services, Inc. is a leading international contractor providing global mission support for commercial industries, the Department of Defense and other U.S. government agencies. The company operates in three lines of business: Global Operations and Logistics, Base Operations Support Services, and Professional and Technical Services.
IAP’s corporate headquarters is located in Cape Canaveral, Florida, and the company employs approximately 7,000 people at more than 120 locations worldwide. IAP’s website can be accessed at www.iapws.com.