S&P rates Service Corp. notes BB-

Standard & Poor's said it assigned a BB- rating to Service Corp. International's proposed $550 million senior unsecured notes. The recovery rating on the new notes is 5, indicating modest (10%-30%) recovery in the event of default.

Service Corp. will use the proceeds of the notes to redeem a portion of the company's $137 million notes due 2015, $200 million notes due 2019 issued by Stewart Enterprises and $250 million notes due 2019.

All other ratings, including the BB corporate credit rating, are unchanged.

The anchor score of bb+ reflects S&P's assessment of the company's "satisfactory" business risk and "significant" financial risk profiles.

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