S&P rates Airvana, loan B+

Standard & Poor's said it assigned a B+ corporate credit rating to Airvana Network Solutions Inc., along with a B+ rating to its proposed $420 million senior secured term loan due 2015. A 4 recovery rating was assigned, indicating 30% to 50% expected recovery in a default.

The outlook is stable.

The ratings reflect the company's aggressive financial policy, limited niche market position and dependence on a single customer and a single-generation technology with a finite lifespan, S&P said.

Moderate leverage for the rating and strong profitability partly offset those factors, the agency said.

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