S&P gives Orbitz B, loan BB-

Standard & Poor's said it assigned its B corporate credit rating to Orbitz Worldwide Inc., a subsidiary of Travelport LLC (B/stable).

The outlook is stable.

At the same time, the agency said that it assigned BB- ratings, two notches higher than the corporate credit rating, to Orbitz's proposed $800 million secured credit facility, consisting of a $75 million revolver, $600 million senior secured term loan and $125 million synthetic letter-of-credit facility.

The recovery rating is 1, the agency said, noting that the revolver matures in 2013, while the term loan and synthetic letter-of-credit facility mature in 2014.

According to S&P, ratings on Orbitz Worldwide reflect the majority stake in the company that will continue to be held by its parent Travelport (B/stable) upon completion of its IPO, an aggressive financial profile and the seasonal and cyclical nature of the travel industry.

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