S&P rates KeyPoint loan B

Standard & Poor's said it assigned its B corporate credit rating to KeyPoint Government Solutions Inc. The outlook is negative.

At the same time, the agency said it assigned its B issue-level rating to the company's proposed $160 million senior secured credit facility, consisting of a $10 million revolving credit facility and $150 million first-lien term loan facility.

The recovery rating is 3, which indicates an expectation of meaningful recovery for lenders in the event of a payment default or bankruptcy.

"The ratings on KeyPoint Government Solutions reflect our analysis that the company's business risk profile will remain vulnerable, because we believe the company will remain highly dependent on the [U.S. Office of Personnel Management] for the majority of its revenue," said S&P credit analyst Brian Milligan in a news release.

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