S&P gives NCO, loan B+, notes B-

Standard & Poor's said it assigned its B+ long-term counterparty credit rating to NCO Group Inc.

The outlook is stable.

At the same time, the agency said it assigned a bank loan rating of B+ and a recovery rating of 3 to the company's $465 million senior secured bank loan and $100 million revolver while NCO's senior subordinated notes ($365 million) were rated B-.

S&P said that the ratings on NCO are based in part on its high leverage and poor capitalization, marginal cash flow coverage and high level of operational risk.

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