S&P rates Corel loan B-

Standard & Poor's said it assigned its B- issue-level rating and 3 recovery rating to Corel Corp.'s proposed $73.4 million extended first-lien senior secured term loan. The 3 recovery rating reflects an expectation of meaningful recovery in the event of default.

The agency said the rating assignment follows Corel's proposal to extend the maturity of its first-lien senior secured term loan to May 2014 from May 2012.

At the same time, S&P said it affirmed the B- long-term corporate credit rating on Corel. The outlook is developing.

"The affirmation reflects our expectation that the company will enter into the proposed amendment under terms and conditions similar to those proposed in the amendment term sheet," said S&P credit analyst Madhav Hari in a news release.

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