S&P rates Spartacus loan B+

Standard & Poor's said it affirmed the B corporate credit rating on Serena Software Inc.

The outlook is stable.

S&P also said it assigned a B+ rating and 2 recovery rating to Spartacus Merger Corp.'s proposed $365 million senior secured first-lien credit facility, consisting of a $20 million revolving credit line and a $345 million term loan, due 2019 and 2020, respectively.

The 2 recovery rating indicates 70% to 90% expected default recovery.

The ratings reflect the company's weak business risk profile, incorporating the company's narrow business profile and continued revenue declines, S&P said.

The ratings also consider its highly leveraged financial profile, reflecting financial sponsor ownership and pro forma leverage in the low 5x range, the agency said.

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