S&P rates Wall Street Systems B, loans B, B-

Standard & Poor's said it assigned a preliminary B corporate credit rating to Wall Street Systems Holdings Inc., a wholly owned subsidiary of Ion Investment Group.

The outlook is stable.

The agency also said it assigned a preliminary B rating to the company's proposed $25 million senior secured revolving credit facility due 2016 and the $200 million first-lien term loan due 2017.

The preliminary recovery rating is 3, indicating 50% to 70% expected recovery in a default.

The agency also said it assigned a preliminary B- rating to the company's $125 million second-lien term loan due 2018. The preliminary recovery rating is 5, indicating 10% to 30% expected recovery in a default.

The ratings reflect Wall Street Systems' very narrow market position and a highly leveraged financial profile, S&P said.

An expectation that the company will continue to generate stable revenues and positive free cash flow partially offsets those factors, the agency said.

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