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S&P: SumTotal loans B+, CCC+
Standard & Poor's said it assigned a preliminary B corporate credit rating to Amber Holding Inc.
The agency said it also assigned a preliminary B+ issue-level rating with a preliminary recovery rating of 2 to operating company SumTotal Systems Inc.'s proposed $30 million revolving credit facility and $370 million first-lien term loan.
In addition, the agency said it assigned a preliminary CCC+ issue-level rating with a preliminary recovery rating of 6 to SumTotal's proposed $140 million second-lien term loan.
"Our preliminary ratings on Amber Holding, parent company of SumTotal Systems, reflect Amber Holding's weak business risk profile, characterized by its modest overall position in the human capital software market and its highly leveraged financial risk profile," said S&P credit analyst Jacob Schlanger in a news release.
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