S&P rates Metavante loans BB

Standard & Poor's said it assigned a BB corporate credit rating to Metavante Corp. and BB ratings with recovery ratings of 3 to the company's $250 million revolving credit facility due 2013 and $1.75 billion term loan due 2014.

The outlook is stable.

As part of its spinoff from Marshall & Ilsley Corp., Metavante will use the bank loan proceeds to refinance existing debt and to pay a special dividend to Marshall & Ilsley shareholders.

The agency said the ratings on Metavante reflect its stable recurring revenue base and good free cash flow generation, offset by a moderately aggressive capital structure.

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