S&P rates SunGard notes B

Standard & Poor's said it assigned a B senior unsecured rating and 5 recovery rating to SunGard Data Systems Inc.'s senior notes due 2018. The 5 rating indicates 10% to 30% expected recovery in a default.

The proceeds will be used to partially repurchase or redeem the 9.125% senior notes due 2013.

The rating reflects an expectation that the company's satisfactory business profile and significant base of recurring revenues will continue to support its highly leveraged financial profile, S&P said.

The ratings also consider its strong position in the fragmented market for investment-support processing software and healthy cash flow generation, the agency said.

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