S&P affirms CT Technologies

Standard & Poor’s said it affirmed its B corporate credit rating on CT Technologies Intermediate Holdings Inc. (doing business as HealthPort). The outlook is stable.

At the same time, S&P affirmed the B issue-level rating, with a 3 recovery rating, on the company’s $479 million first-lien term loan due 2021 and $35 million revolving credit facility due 2019. The 3 recovery rating indicates an expectation for meaningful recovery (50% to 70%, lower half of the range) in the event of payment default.

“The ratings reflect Standard & Poor’s adjusted leverage in the mid-6x area pro forma for the proposed transaction and the company’s niche focus on the highly fragmented release-of-information (ROI) market, which has regulated pricing,” said S&P credit analyst Christian Frank in a news release.

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