GAAP revenue on new contracts

buy canada goose jacket S Revises Wall St Systems ‚B‘ Rtg Outlk To Stable

canada goose store Wall Street Systems, a leading global provider of foreign exchange and treasury management systems and wholly owned subsidiary of uk canada goose ION Investment Group (unrated), has proposed issuing a $365 million first lien credit facility and a $140 million canada goose coats second lien credit facility to refinance outstanding debt and pay a dividend to its owners.

canada goose black friday sale We are revising our rating outlook on the company to stable from positive and affirming the corporate credit rating.

canadian goose jacket We are assigning a issue level rating with a recovery rating Canada Goose online of to the company proposed first lien term loan and revolving credit facility, and also assigning a issue level rating with a recovery rating of to its proposed second lien term loan. 26, 2012, Standard Poor Ratings Services revised the rating outlook on New York City based Wall Street Systems Holdings Inc. to stable from canada goose uk shop positive. The canada goose clearance sale outlook uk canada goose outlet revision reflects a more leveraged financial profile pro forma for the transaction. We also affirmed our corporate credit rating on the company.

cheap Canada Goose At the cheap Canada Goose same time, we assigned a issue level rating to the company proposed $335 million first lien term loan due 2019 and $30 million revolving credit facility due 2017. The recovery rating indicates our expectation of meaningful (50% to 70%) recovery in the event of payment default.

canada goose coats In addition, we assigned a issue level rating to canada goose coats on sale the canada goose uk outlet company proposed $140 million second lien term loan due 2020. The recovery rating indicates our expectation of modest (10% to 30%) recovery in the event of payment default.

canada goose clearance sale The new facilities will be issued by WSS Delaware Inc., a wholly owned subsidiary of Wall Street Systems Holdings Inc. The corporate credit rating is assigned to Wall Street Systems Holdings Inc. based on our expectation that canada goose uk black friday all existing debt at Wall Street Systems Holdings Inc. will be repaid by the proposed transaction. Therefore, for analytical purposes, canada goose black friday sale we treat of WSS Delaware Inc. Nevertheless, we expect the company solid base of recurring revenue and good profitability to allow it to reduce leverage to below 6x in 2013, as Canada Goose sale revenue recognition from existing canadian goose jacket contract cycles past purchase accounting deferred revenue write downs.

canada goose coats on sale Wall Street Systems foreign exchange solutions provide trading, risk management, operations, and accounting capabilities for financial institutions, while its treasury management solutions allow multinational corporations and central banks to manage cash positions; foreign exchange, interest rate, and credit buy canada goose jacket risk; and fixed income and equity investments. Since the leveraged buyout (LBO) in June 2011, the company has focused on increasing recurring revenue and removing excess capacity in its professional services organization.

Canada Goose Parka Wall Street Systems weak business risk profile reflects its narrow focus on the foreign exchange and treasury software markets, much larger and better resourced competitors, and limited history of operating at current profitability levels. We expect the company near term growth prospects to be limited by its exposure to financial institutions and European weakness. However, the company has a material Canada Goose Parka base of canada goose recurring revenue and good free cash flow, and its products are critical to its customers operations, resulting in high retention. GAAP revenues of $185 million for the 12 months ended June 2012, down from $200 million in 2010 because Canada Goose Online of purchase accounting deferred revenue write downs after the LBO. We expect revenues to rebound to pre canada goose clearance LBO levels in 2013 after the company has amortized most of its existing deferred revenue. Revenue has been buy canada goose jacket cheap relatively flat over the past few quarters as the company has focused on increasing recurring revenue. However, EBITDA margin improved Canada Goose Outlet from about 30% to the high 30% area over the past 18 months, reflecting expense reductions. GAAP revenue on new contracts.

canada goose clearance The company highly leveraged financial risk profile reflects leverage of 7.1x, annualized for the first half of 2012 cheap canada goose uk (which does not include management non GAAP revenue adjustments) and pro forma for the proposed canada goose homme pas cher financing, up from current leverage of 5.3x. We expect leverage to drop to below 6.0x over the next 18 months, based on a revenue rebound to preacquisition levels and modest expense growth. Cash sources canada goose factory sale include an expected cash balance of $15 million after the proposed transaction, full availability of its proposed $30 million revolving credit facility, and expected positive annual free cash flow. We expect uses to include mandatory debt amortization and modest capital expenditures of about $5 million.

canada goose Our assessment Canada Goose Jackets of Wall Street Systems liquidity profile incorporates the following expectations, assumptions, and factors over the next canada goose store 12 to 24 months:

Canada Goose Jackets Sources of liquidity will exceed uses by at least 20%.

buy canada goose jacket cheap Net sources would be positive, even with a 15% decline in EBITDA. Although unlikely over the next 12 months, if the company can Canada Goose Coats On Sale maintain its recent profitability gains while reducing leverage below 5x, we could raise the rating by one notch.

canada goose deals Conversely, if sales fall as the result of poor macroeconomic conditions, if the company experiences margin compression, or if it pursues debt financed acquisitions or shareholder returns, precluding it from reducing leverage from pro forma levels, we could lower the ratings.

Canada Goose sale Industry Economic : Despite Economic Headwinds, Global Technology Shows Balanced Ratings Trend, July 9, 2012.

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