S&P gives Getty loan BB-

Standard & Poor's said it assigned Getty Images Inc.'s $1.37 billion first-lien senior secured credit facility a rating of BB-, which is at the same level as the BB- corporate credit rating on the company.

The recovery rating on this debt is 4, indicating 30% to 50% recovery in a default.

The facility consists of a $100 million revolving credit facility due 2015 and a $1.27 billion term loan due 2016.

Its BB- corporate credit rating remains unchanged.

The outlook is stable.

The proceeds of the new credit facility will be used to repay its existing senior secured credit facilities and fund a distribution to its shareholders.

The ratings reflect an expectation that Getty Images' financial profile will remain aggressive, S&P said.

The ratings also consider the unfavorable secular trends related to digital migration that will continue to put pressure on the company's business, the agency said.

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