S&P affirms SymphonyIRI after loan add-on

Standard & Poor's said it affirmed the B+ corporate credit rating on SymphonyIRI Group Inc., along with the B+ rating and 3 recovery rating on the $430 million term loan, which includes a $30 million add-on.

The 3 rating indicates 50% to 70% expected default recovery.

The amended credit facilities consist of a $50 million revolving credit facility due 2017 and a $430 million term loan due 2017.

The outlook is stable.

The proposed transaction will provide SymphonyIRI funding for general corporate purposes, including acquisitions, S&P said.

The ratings incorporate assumptions of modest revenue growth and improving credit measures over the intermediate term, the agency said.

The company's business profile is weak because of its narrow business base, lack of critical mass in revenue and EBITDA and keen competition, S&P said.

Its financial profile is considered aggressive because its private-equity shareholders aim to maximize returns through debt-financed acquisitions or cash distributions, the agency said.

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