S&P rates Standard Parking loan

Standard & Poor's said it affirmed its B corporate credit rating on Standard Parking Corp. and also affirmed its CCC+ subordinated debt rating on the company's 9.25% senior subordinated notes due 2008.

The ratings affirmation follows the company's recently completed initial public offering of 4.5 million shares of its new class A common stock.

In addition, S&P said it assigned its B bank loan rating and 3 recovery rating to Standard Parking's new $90 million senior secured credit facility due 2007.

The outlook is stable.

"The ratings on Standard Parking reflect its highly leveraged financial profile, narrow business focus, and exposure to the challenging air travel industry," said S&P credit analyst David Kang. Only partially offsetting these risks are the company's No. 2 market position within the highly fragmented and competitive parking industry, as well as its geographic diversity and fairly predictable cash flow generating ability.

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