S&P rates Getty Images loan B, notes CCC+

Standard & Poor's said it lowered its corporate credit rating on Getty Images Inc. to B from BB-.

The agency also removed it from CreditWatch, where the rating was placed with negative implications on Aug. 20 following the company's announcement that it would be acquired by the private-equity investor Carlyle Group LP.

The outlook is stable.

At the same time, the agency said it assigned Getty Images Inc.'s proposed $2.05 billion first-lien credit facilities an issue-level rating of B. The recovery rating on this debt is 3, indicating an expectation of meaningful recovery for lenders in the event of a payment default.

The agency also assigned Getty Images Inc.'s proposed $550 million unsecured notes due 2020 an issue-level rating of CCC+. The recovery rating on this debt is 6, indicating an expectation of negligible recovery for lenders in the event of a payment default.

"The downgrade reflects Standard & Poor's view that higher debt levels and interest expense associated with the Carlyle's proposed acquisition of Getty Images will weaken the company's financial profile," said S&P credit analyst Daniel Haines in a news release.

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