S&P rates CT Technologies loan B

Standard & Poor’s said it revised its outlook on CT Technologies Intermediate Holdings Inc. (d/b/a HealthPort) to stable from negative and affirmed the B corporate credit rating.

At the same time, S&P assigned a B issue-level rating to the company’s proposed $325 million senior secured term loan due 2021 and $30 million revolving credit facility due 2019. The 3 recovery rating indicates an expectation for “meaningful” recovery (50% to 70%) in the event of payment default.

“The outlook revision reflects the expected repayment of HealthPort’s existing credit facilities, which currently have tight headroom under its financial covenants,” said S&P credit analyst Christian Frank in a news release.

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