S&P assigns SI International loan B+

Standard & Poor's said it assigned its B+ rating, with a recovery rating of 3, to SI International Inc.'s proposed $134.25 million senior secured term loan facility.

At the same time, S&P said it affirmed its B+ corporate credit rating, with a positive outlook and its B+ debt rating, with a 3 recovery rating, on the company's existing $60 million senior secured revolving credit facility.

S&P noted the ratings reflect SI's relatively modest position in the highly competitive and consolidating government IT services market, dependence on the federal government's spending initiatives and acquisitive growth strategy.

A predictable revenue stream, based upon long-term contracts and the expectation that government-related services business will remain solid over the intermediate term, are partial offsets to these factors, the agency added.

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