S&P rates Starfish-related loans B-, CCC

S&P said it assigned its B- corporate credit rating to Starfish Holdco LLC. The outlook is stable.

At the same time, S&P assigned a B- issue-level rating and 3 recovery rating to Sahara Parent Inc. (Syncsort) and Vero Parent Inc. (Vision Solutions)'s proposed $75 million first-lien secured revolving credit facility due 2022 and $590 million first-lien secured term loan due 2024. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of payment default.

S&P also assigned a CCC issue-level rating and 6 recovery rating to the proposed $200 million second-lien term loan due 2025. The 6 recovery rating indicates an expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of payment default.

The rating is based on Starfish's continued niche market position in the mainframe ecosystem, narrow product focus, and presence of larger competitors, S&P said in a news release.

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