S&P rates TransUnion loans B+

Standard & Poor's said it affirmed its B+ corporate credit rating on TransUnion Corp.

The outlook is stable.

At the same time, the agency assigned a B+ issue-level rating with a recovery rating of 3 to TransUnion LLC's proposed $190 million revolving credit facility, $1,175,000,000 senior secured term loan B and $687 million delayed-draw term loan B. The 3 recovery rating indicates an expectation for meaningful (50% to 70%) recovery of principal in the event of a default.

S&P also affirmed its B- issue-level rating on TransUnion Holding Co., Inc.'s senior unsecured paid-in-kind toggle notes with a 6 recovery rating. The 6 recovery rating indicates an expectation for negligible (0% to 10%) recovery of principal in the event of a default.

The agency will withdraw the BB- issue-level rating and 2 recovery rating on the company's existing secured first-lien debt upon the close of the proposed transaction.

"Our ratings on TransUnion Corp. reflect its 'highly leveraged' financial profile and 'satisfactory' business risk profile," S&P credit analyst Martha Toll-Reed said in a news release. "We view the industry risk as 'intermediate' and the country risk as 'very low.'"

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