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Moody's affirms SS&C Technologies

Moody's affirmed SS&C Technologies Holdings Inc.'s corporate family rating at Ba3 and probability of default rating at Ba3-PD.

The outlook is stable, reflecting the rating agency's expectation that SS&C's free cash flow will increase to the high single digit percentages of total debt over the next 12 to 18 months and total debt to EBITDA will fall toward the low 5x level by the end of 2019.

Moody's said SS&C's concentrated vertical market focus as a provider of software and software-enabled services to the financial services industry negatively affects its ratings. The rating agency also noted that the company's large operating scale and sizeable free cash flow support the ratings.