S&P: Affinion outlook developing

Standard & Poor's said it revised the outlook on Affinion Group Inc. to developing from negative and affirmed the ratings, including the B+ corporate credit rating, on the company.

The agency said that the outlook revision followed the filing of a registration statement for an IPO by parent company Affinion Group Holdings Inc., the company expects that this will include a portion of the shares currently held by Apollo Management V, LP.

Proceeds of the IPO will be used to repay certain debt and preferred stock and to make payments to the selling shareholders, S&P said, noting that it expects that the IPO, if consummated, will significantly lower Affinion's debt leverage.

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