S&P rates Corporate Executive loan BB-

Standard & Poor's said it assigned a preliminary BB- corporate credit rating on the Corporate Executive Board Co., along with a BB- rating on its $625 million senior secured credit facility with a preliminary recovery rating of 3, indicating 50% to 70% expected recovery in a default.

The credit facility consists of a $200 million term loan A due 2017, a $375 million term loan B due 2019 and a $50 million revolving credit facility due 2017.

The proceeds and some balance-sheet cash will be used to fund its acquisition of SHL Group Ltd.

The outlook is stable.

The ratings reflect an expectation that the company's operating performance will be solid, that it will generate good discretionary cash flow and gradually reduce debt leverage through a combination of EBITDA growth and debt repayment, S&P said.

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