S&P gives Institutional Shareholder loans B+, CCC+

Standard & Poor's said it assigned a B corporate credit rating to Institutional Shareholder Services Inc.

The outlook is stable.

At the same time, the agency assigned a B+ issue-level rating to the company's $167 million first-lien senior secured term loan due 2021 and $20 million revolving credit facility due 2020. The 2 recovery rating indicates an expectation for substantial (70% to 90%) recovery in the event of payment default.

S&P also assigned a CCC+ issue-level rating with a recovery rating of 6 to ISS' $73 million second-lien senior secured term loan due 2022. The 6 recovery rating indicates an expectation for negligible (0% to 10%) recovery in the event of payment default.

"The ratings on ISS reflect our view of the company's 'highly leveraged' financial risk profile with leverage of 7x pro forma for the new debt, and its 'weak' business risk profile derived from its narrow market focus and modest scale," S&P credit analyst Christian Frank said in a news release.

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