S&P rates Mercury Payment B+, loans BB-

Standard & Poor's said it assigned its B+ long-term corporate credit rating to Mercury Payment Systems LLC.

The outlook is stable.

At the same time, S&P assigned its BB- issue-level rating and 2 recovery rating to the company's proposed $25 million first-lien senior secured revolver and $200 million first-lien senior secured term loan. The 2 recovery rating indicates S&P's expectation for substantial recovery in the event of a payment default, the agency said.

"MPS' ratings reflect its current narrow addressable market, limited EBITDA base, high level of competition from entities with significantly better resources, and the risks associated with the build-out of its own in-house processing platforms," said S&P credit analyst Alfred Bonfantini in a news release.

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