Ceridian assigned 'B' corporate credit rating with negative outlook - S&P |
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Published
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Tue, 23 Oct 2007 06:51
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has assigned a 'B' corporate credit rating to information services company Ceridian Corp with a negative outlook.S&P said it also assigned its bank loan and recovery ratings to Ceridian's proposed 2.55 bln usd secured first-lien credit facilities.The first-lien credit facilities, which comprise a 300 mln usd first-lien revolving credit facility and a 2.25 bln usd first-lien term loan, are rated 'B+', with a recovery rating of '2', indicating the expectation for 70-90 pct recovery in the event of a payment default, S&P added.'The ratings on Ceridian reflect a very aggressive capital structure, offset by predictable recurring revenue streams with defensible market positions,' S&P said.The ratings agency said it also assigned its 'CCC+' rating to the company's 1 bln usd senior unsecured notes, and 300 mln usd of senior subordinated notes.TFN.newsdesk@thomson.comnpr/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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