Altegrity, Inc. -- Moody's says USIS security breach is credit negative but no immediate impact on ratings

New York, August 11, 2014 -- On August 6, 2014, US Investigations Services (USIS), an operating subsidiary of Altegrity, Inc (Caa2, Stable outlook) announced that it had detected unauthorized intrusion of its information technology infrastructure. As a result, two of its customers, the U.S. Government Office of Personnel Management (OPM) and the Department of Homeland Security (DHS) have issued temporary stop-work orders for work performed by USIS under certain contracts with those agencies while USIS undergoes its investigation and mitigation efforts related to the cyber-attack. Moody's believes that while the suspension of contracts will pressure Altegrity's already weak liquidity and delay plans to grow earnings to support its highly leveraged balance sheet, there is no immediate impact on the ratings.

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