S&P upgrades Global Cash

Standard & Poor's said it revised the outlook on Global Cash Access Inc. to positive from stable and affirmed the BB- corporate credit rating.

The agency also said it raised the rating on the company's $245 million senior secured first-lien credit facility to BB+ from BB and revised the recovery ratings on this debt to 1 from 2.

The facility consists of a $35 million revolving credit facility and a $210 million term loan,

The 1 recovery rating indicates 90% to 100% expected default recovery.

The outlook revision reflects the reduced amount of first-lien debt in the capital structure, S&P said.

The outlook revision is chiefly the result of a reassessment of the company's financial risk profile to intermediate from significant based on the company's reduction of leverage to less than 2x and improved free operating cash flow to debt to more than 50% through both moderate EBITDA growth and debt repayment, the agency said.

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