S&P assigns Global TIP loans BB+

Standard & Poor's said it assigned its BB long-term corporate credit rating to Global TIP Holdings One BV.

The outlook is stable.

At the same time, the agency assigned its BB+ issue ratings to the €203 million senior secured term loan B and €55 million revolving credit facility to be issued by Global TIP Finance BV and the $100 million senior secured term loan C to be issued by Global Finance America, LLC.

Global TIP Finance and Global Finance America are fully owned subsidiaries of Global TIP Holdings.

The recovery rating on the term loan B, revolving credit facility and term loan C is 2, indicating an expectation of substantial (70%-90%) recovery prospects in the event of a payment default.

S&P said the rating on Global TIP Holdings reflects its assessment of its business risk profile as "fair" and its financial risk profile as "intermediate."

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