S&P rates West Corp. loan BB

Standard & Poor's said it affirmed all existing ratings, including the BB- corporate credit rating, on West Corp. The outlook is stable.

At the same time, S&P assigned the company's issued $313 million senior secured term loan due 2016 and $2,063,000,000 due 2018 an issue-level rating of BB (one notch above the BB- corporate credit rating on the company), with a recovery rating of 2, indicating an expectation for substantial (70% to 90%) recovery for bondholders in the event of a payment default.

"In our view, the rating on West Corp. reflects our expectation that leverage will remain relatively high, in the 4x to 5x area over the intermediate term, as the company will operate under a less aggressive financial policy and continue its acquisition-oriented growth strategy," S&P said in a news release.

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