S&P rates Syniverse loan BB-

Standard & Poor's said it assigned its BB- issue-level rating and 2 recovery rating to Syniverse Holdings Inc.'s proposed $950 million senior secured term loan B due 2019 and $150 million revolver due 2017. The 2 recovery rating indicates expectations for substantial recovery in the event of payment default.

The B+ corporate credit rating is unchanged and the outlook remains stable.

The agency said the slight reduction in leverage to 4.3x from 4.5x as of Dec. 31, does not affect its financial risk profile assessment of aggressive.

The agency also said its rating incorporates the potential for higher leverage to fund acquisitions or dividends to its private-equity sponsor the Carlyle Group.

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