S&P rates Access CIB loans B, CCC+

Standard & Poor's said it assigned its preliminary B corporate credit rating to Access CIG LLC.

The outlook is stable.

At the same time, the agency assigned the proposed $40 million senior secured revolving credit facility due 2019 a preliminary B issue-level rating with a recovery rating of 3, indicating an expectation for meaningful (50% to 70%) recovery of principal for debtholders in the event of default.

In addition, S&P assigned the $342 million senior secured first-lien loan due 2021 a preliminary B issue-level rating with a recovery rating of 3.

Lastly, S&P assigned the proposed $152 million senior secured second-lien loan a preliminary CCC+ issue-level rating, with a recovery rating of 6, indicating expectation for negligible (0% to 10%) recovery of principal for debtholders in the event of default.

S&P said the B preliminary corporate credit rating reflects the company's relatively small size and niche positioning in the records information management industry. It also reflects the company's "highly leveraged" financial risk profile, resulting from the increased debt in the capital structure due to the acquisition of the company by Berkshire Partners, the agency said.

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