S&P affirms Telcordia, gives loan BB-, notes B

Standard & Poor's said it affirmed its B corporate credit rating and CCC+ subordinated rating on Telcordia Technologies Inc.

The outlook is negative.

In addition, the agency said that a BB- bank loan rating was assigned to Telcordia Technologies' proposed first-lien, $100 million, five-year senior secured priority revolving credit facility, adding that a recovery rating of 1 also was assigned to the loan.

A B rating was assigned to its proposed $555 million, five-year floating rate senior secured notes with a recovery rating of 3, S&P noted.

According to the agency, the ratings on Telcordia Technologies reflect its vulnerable business profile, with a narrow and mature addressed market and significant customer concentration.

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