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NEW YORK - Standard & Poor's Ratings Services lifted its ratings on Amdocs Ltd. on Monday, citing the company's stronger competitive position and expectations that demand for its services will rise.
S&P raised its corporate credit and senior unsecured ratings on Amdocs one notch to "BBB" from "BBB-". The ratings are investment grade.
Amdocs provides software and services to the communications industry. S&P said it expects the Chesterfield, Mo.-based company to benefit as wireless providers like Sprint Nextel Corp. and AT&T Corp. focus on improving their aging systems.
"As the products mature and revenue growth slows, we expect the service providers to move their focus from revenue expansion toward cost control," S&P said in a statement.
The ratings agency also said the ratings reflect Amdocs' "top-tier customer base," modest debt levels and positive outlook.
Shares added 2 cents to $28.34 in afternoon trading.
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