S&P rates Dealogic facilities B

S&P said it affirmed the B corporate credit rating on Diamond Midco Ltd. (Dealogic) and removed the rating from CreditWatch negative.

In addition, the agency assigned a B corporate credit rating to I-logic Technologies Bidco Ltd. and assigned a B issue-level rating to the company's $680 first-lien credit facility, consisting of a $20 million revolver due 2022 and a $660 million term loan B due in 2024.

The 3 recovery rating indicates an expectation for meaningful (50% to 70%; rounded estimate 55%) recovery in the event of default.

The outlook is negative.

S&P said the actions reflect Dealogic's aggressive financial policy due to the acquisition by I-logic, with pro forma trailing 12-month leverage at Sept. 29 in the 10x area, prior to realization of cost savings and combination synergies, up substantially from the low 5x area.

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