S&P: On Assignment loan BB-

Standard & Poor's said it assigned On Assignment Inc. its BB- corporate credit rating. The outlook is stable.

The agency said it also assigned the company's $540 million senior secured credit facility its BB- issue-level rating with a recovery rating of 3, indicating an expectation of meaningful recovery for lenders in the event of a payment default.

"The BB- rating reflects our expectation that On Assignment will be able to reduce leverage, generate positive discretionary cash flow and maintain an adequate cushion of covenant compliance over the intermediate term," said S&P credit analyst Hal Diamond in a news release.

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