Standard & Poor's Ratings Services said Thursday it has raised its outlook on data-management company Acxiom Corp. to stable from negative.
The ratings agency said it also affirmed its "BB" and "BB+" corporate credit rating and 'BB+' senior secured rating on the company. Both ratings are noninvestment grade, also known as junk.
"The outlook revision follows our review of the business and financial strategy with Acxiom's new CEO, and our current expectation that the company will maintain a moderate financial policy in the near term following the termination of its attempted (leveraged buyout)," Standard & Poor's credit analyst Molly Toll-Reed said in a statement.
The company was the target last year of a $2.25 billion acquisition deal by Silver Lake Partners and Value Act Capital, but the deal fell through in October.
Acxiom named John Meyer as president and chief executive earlier this year, succeeding Charles Morgan.
Acxiom's shares fell 89 cents, or 6.8 percent, to $12.19 in afternoon trading amid a downturn in the broader market. The stock has traded in a 52-week range of $8.66 and $26.75.
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