S&P affirms Sirva

Standard & Poor's said it affirmed its ratings, including the BB corporate credit rating, on Sirva Inc. following the company's announcement that it has signed a definitive agreement to acquire Executive Relocation Corp. from LaSalle Bank Corp. for $100 million.

S&P also affirmed Sirva Worldwide Inc.'s BB corporate credit rating and BB senior secured bank loan ratings and North American Van Lines Inc.'s B+ subordinated debt rating.

S&P said the combination of Executive Relocation and Sirva should provide incremental transaction volume through Sirva's existing network and is expected to generate additional cash flow and earnings given the company's high level of operating leverage.

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