S&P lifts Performant Financial secured debt

S&P said it affirmed its B- corporate credit rating on Performant Financial Corp. The outlook is negative.

At the same time, S&P raised the issue rating on Performant's secured debt to B+ from B and revised the recovery rating to 1 from 2. The 1 recovery rating indicates an expectation for very high recovery (90%-100%; rounded estimate: 95%) in the event of a payment default.

“The affirmation reflects our belief that the company will be able to successfully refinance the estimated $43 million balance (following the May 2017 prepayment of $7.5 million using restricted cash) on its term loan that matures in June 2018,” said S&P credit analyst William Savage in a news release.

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