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S&P assigns Digital River loans B, CCC
Standard & Poor’s said it assigned its B- corporate credit rating to Digital River Inc. The outlook is stable.
At the same time, S&P assigned a B issue-level rating and 2 recovery rating to the company's $10 million first-lien revolver maturing 2020 and to its $255 million first-lien term loan maturing 2021. The 2 recovery rating indicates an expectation for substantial (70%-90%; lower half of the range) recovery in the event of a payment default.
Additionally, S&P assigned a CCC issue-level rating and 6 recovery rating to the company’s $80 million second-lien term loan maturing 2022. The 6 recovery rating indicates an expectation for negligible (0%-10%) recovery in the event of a payment default.
“The ratings on Digital River reflect the company’s relatively small scale and significant client concentration within the highly competitive and fragmented e-commerce solutions market,” said S&P credit analyst Jenny Chang in a news release.
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