S&P: SafeNet loans B+, CCC+

Standard & Poor's said it affirmed the B corporate credit rating on SafeNet Inc.

The outlook is stable.

The agency also said it assigned a B+ rating and 2 recovery rating to the company's $30 million senior secured revolving credit facility and $175 million first-lien term loan. The 2 recovery rating indicates 70% to 90% expected default recovery.

S&P also said it assigned a CCC+ rating with a recovery rating of 6 to the company's $50 million second-lien term loan. The 6 recovery rating indicates 0% to 10% expected default recovery.

The ratings reflect the company's weak business risk profile, which encompasses the company's modest scale, as well as vulnerability to competition from large vendors with stronger financial profiles and highly leveraged financial risk profile, said Katarzyna Nolan, an S&P analyst.

These factors are partly offset by a diverse customer base and growing addressable markets, Nolan said in a press release.

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