S&P: Service Corp. facility BB

Standard & Poor's said it assigned a BB issue-level rating to Service Corp. International's amended and restated $1.1 billion credit facility.

The credit facility will consist of a $500 million revolver and a term loan facility with a principal balance up to $600 million.

The agency said it expects the company to use the proceeds from the term loan to fund the planned acquisition of Stewart Enterprises Inc. that was announced on May 29.

The company will also have $382 million borrowing capacity on its revolver after outstanding letters of credit. The recovery rating on the credit facility is 3.

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