S&P upgrades On Assignment

Standard & Poor's said it raised On Assignment Inc.'s corporate credit rating to BB from BB-.

The agency also said it revised the recovery rating on the company's senior secured credit facilities to 2, indicating 70% to 90% expected default recovery. The agency also said it raised the rating on this debt to BB+ from BB-.

The outlook is stable.

The revision of the recovery rating reflects an expectation for slightly better recovery prospects, given an estimate of lower secured debt outstanding under the simulated default scenario, S&P said, following the $82.5 million add-on to the more rapidly amortizing term loan A and repayment with the proceeds of term loan B.

The upgrade reflects an expectation that the business outlook for information technology staffing services will remain favorable, the agency said.

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