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.com
npr/man
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