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S&P upgrades Digital River
Standard & Poor’s said it raised the rating on Digital River Inc.’s first-lien secured credit facilities to B+ from B and second-lien secured credit facilities to CCC+ from CCC.
The agency also said it revised the recovery rating on the first-lien term loan to 1 from 2.
The 1 recovery rating indicates 90% to 100% expected default recovery.
S&P also said it revised the recovery rating on the second-lien term loan to 5 from 6. The 5 recovery rating reflects 10% to 30% expected default recovery.
The recovery rating revision reflects the company’s $140 million debt repayment on its first-lien term loan with proceeds from the divesture of noncore assets, LML Payment Systems and Blue Hornets Network Inc., the agency said.
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