S&P affirms Sirva

Standard & Poor's said it affirmed its ratings, including the BB corporate credit rating, on Sirva Inc. and on subsidiary Sirva Worldwide Inc.'s secured bank facility, which was increased by $75 million to $665 million. The outlook is stable.

S&P also affirmed North American Van Lines Inc.'s B+ subordinated debt.

The additional term loan will be used to finance a portion of the acquisition of Executive Relocation Corp. Executive Relocation is being acquired for $100 million plus the assumption of certain relocation liabilities, from LaSalle Bank Corp.

S&P said Sirva should generate additional cash flow and earnings from the addition of Executive Relocation's transaction volume through the Sirva network.

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