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AFFILIATED COMPUTER: S&P Keeps 'BB' Ratings Under Negative Watch
Standard & Poor's Ratings Services kept its 'BB' corporate credit and senior secured ratings on Dallas-based Affiliated Computer Services Inc. on CreditWatch with negative implications, where they were placed on March 20, 2007.
The company announced that five independent directors have agreed to resign from ACS' board at the request of its chairman. This follows the withdrawal of the US$6.2 billion buyout offer by private equity firm Cerberus Capital Management.
"We will continue to monitor developments surrounding the dispute within the company's board of directors," said Standard & Poor's credit analyst Phil Schrank. "Additionally, we will discuss with management strategic alternatives to enhance shareholder value."
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