S&P rates SkillSoft, loan B+

Standard & Poor's said it assigned its B+ corporate credit rating to SkillSoft plc.

The outlook is negative.

At the same time, the agency said it assigned a B+ rating and a recovery rating of 3 to the proposed $225 million first-lien senior secured credit facilities being issued by the company's U.S. subsidiary, SkillSoft Corp.

Proceeds will be used to partially finance the acquisition of Thomson Learning's NETg business, S&P said, adding that the rating on SkillSoft reflects the company's narrow and vulnerable business profile, integration challenges and a short operating track record at current levels of profitability.

These factors are partially offset by an installed base of 2,000 accounts, good renewal rates and moderate leverage for the rating, the agency noted.

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