S&P: TriZetto view positive

Standard & Poor's said it revised its outlook on Trizetto Corp. to positive from negative and affirmed the B- corporate credit rating on the company.

At the same time, S&P affirmed the B- issue-level rating on the company's $650 million first-lien term loan due 2018 and $85 million revolving credit facility due 2016. The 3 recovery rating is unchanged and reflects an expectation for meaningful (50% to 70%) recovery in the event of payment default.

S&P also affirmed its CCC issue-level rating on the company's $150 million second-lien term loan due 2019. The 6 recovery rating is unchanged and reflects an expectation for negligible (0% to 10%) recovery in the event of payment default.

"The outlook revision is based on stronger-than-expected performance in the fourth quarter of 2013 and our expectation that TriZetto will continue to achieve stable to positive revenue and earnings over the next 12 months," said S&P credit analyst Andrew Chang in a news release.

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