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S&P: Web.com B, loans B, CCC+
Standard & Poor's said it assigned a B corporate credit rating to Web.com Group Inc.
The agency also said it assigned a B rating with a recovery rating of 3 on its $600 million first-lien term loan and $50 million revolver. The 3 rating reflects a 50% to 70% expected recovery in a default.
The agency also assigned a CCC+ rating with a recovery rating of 6 on its $150 million second-lien term loan. The 6 rating reflects a 0% to 10% expected recovery in a default.
The outlook is stable.
The company recently announced that it paid down $30 million of its second-lien debt. This does not affect the ratings, S&P said.
The ratings and outlook consider an expectation that Web.com will generate positive discretionary cash flow and steadily reduce debt, absent a leveraging transaction, the agency said.
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