S&P rates Open Solutions loans B+, B-

Standard & Poor's said it assigned its B+ corporate credit rating to Open Solutions Inc. The outlook is negative.

S&P also said Open Solutions' proposed $340 million first-lien senior secured bank facility was rated B+ with a recovery rating of 2. In addition, the company's $75 million six-year second-lien senior secured term loan was rated B- with a recovery rating of 5.

The ratings reflect a targeted industry product focus with strong competitors, an aggressive financial policy and an acquisitive growth strategy, S&P said.

These are only partly offset by an increasing contractually recurring revenue base, good technology with high switching costs and adequate cash flow for the rating, S&P added.

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