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Rating Action:

Moody's removes LD from Apptis' PDR rating; outlook to positive

Global Credit Research - 25 Jan 2011

Approximately $104 million of debt affected

New York, January 25, 2011 -- Moody's Investors Service has changed the probability of default rating for Apptis (DE), Inc. ("Apptis") to Caa1 from Caa1/LD due to the deferral of cash payment on Apptis' subordinated notes due to its private equity owner from January 2011 to February 2013, which lies outside the maturity of Apptis' term loan due December 2012. In addition, Moody's affirmed the B1 ratings on the first lien term loan and revolver. Concurrently, the outlook was changed to positive from stable based on the positive trend in credit metrics over the last twelve months as a result of both an improvement in operating performance and debt reduction.

The following ratings were upgraded:

Probability of default rating to Caa1 from Caa1/LD;

The following ratings were affirmed (including updated loss given default assessments):

Corporate family rating at Caa1

$25 million senior secured revolving credit facility rating to B1 (LGD-2, 20%) from B1 (LGD-2, 23%);

$79 million senior secured term loan rating to B1 (LGD-2, 20%) from B1 (LGD-2, 23%)

RATINGS RATIONALE

The change in rating outlook to positive is based on Moody's recognition of Apptis' improvement in financial performance which, if sustained, could facilitate a complete refinancing of the entire debt structure including the revolving credit facility coming due in December 2011 and term loan due December 2012. The likely conversion of the company's backlog, over half of which is funded, supports the expectation of continued profitability.

The Caa1 corporate family rating continues to be constrained by the expiration of the company's revolver in less than a year combined with the near term need to address the December 2012 maturity of the company's bank term loan. Moody's views the current capital structure as an unsustainable structure going forward. The size of the $79 million outstanding term loan due December 2012 is a concern as current liquidity resources are not expected to be sufficient to address the full amounts of the maturing term loan. The Caa1 CFR also acknowledges the company's long-term relationships with diverse agencies within the federal government counterbalanced with the high degree of customer concentration. In addition, the company's use of improving free cash flow to pay down debt in fiscal 2010 is also reflected in the ratings.

Any deceleration in revenue trends or profitability and/or loss of a key customer/contract could have adverse rating implications as would debt/EBITDA levels exceeding and sustained above 6.0 times. In addition, debt-financed acquisitions that diminish the company's liquidity profile or raise leverage could exert downward pressure on the ratings. A ratings increase is considered unlikely at this time given the near-term need to re-capitalize the entire capital structure.

The last rating action was on July 30,2010, when Moody's assigned a limited default "LD" designation to the Caa1 probability of default rating of Apptis and affirmed Apptis' Caa1 corporate family rating. For further information please refer to the credit opinion to be posted on moodys.com.

The principal methodologies used in this rating were Global Aerospace and Defense published in June 2010, and Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009.

Apptis (DE), Inc., headquartered in Chantilly, Virginia, provides information technology services and solutions primarily to federal government agencies. The company's core offerings include software development and engineering, network infrastructure deployment and support services, and product fulfillment. Gross revenues for fiscal year 2010 were roughly $1 billion.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Jadijhe Adamo
Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Kendra M. Smith
MD - Corporate Finance
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's removes LD from Apptis' PDR rating; outlook to positive
No Related Data.
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