S&P rates LegalZoom.com loan B

S&P said it affirmed its B- issuer credit rating to LegalZoom.com Inc. The outlook is positive.

S&P also assigned a B issue-level rating and 2 recovery rating to the company's $530 million term loan due 2024. The 2 recovery rating indicates an expectation for substantial recovery of principal (70% to 90%, rounded estimate: 70%) in a default.

“The outlook revision reflects the strengthening financial position of LegalZoom despite the proposed debt-funded dividend,” S&P said in a news release.

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