S&P rates Survey Sampling loans B, CCC+

Standard & Poor’s said it assigned its B corporate credit rating to Survey Sampling International LLC. The outlook is stable.

At the same time, S&P assigned a B issue-level rating and 3 recovery rating to the company’s $271 million senior secured first-lien credit facility (comprising a $23 million revolving credit facility due 2019, a $212 million senior secured term loan due 2020 and a $36 million proposed add-on to the term loan). The 3 recovery rating indicates an expectation for meaningful (50%-70%; higher half of the range) recovery for lenders in the event of a payment default.

S&P also assigned a CCC+ issue-level rating and 6 recovery rating to the company’s $95 million senior secured second-lien credit facility due 2021. The 6 recovery rating indicates an expectation for negligible (0%-10%) recovery for lenders in the event of a payment default.

“The B corporate credit rating on SSI reflects our expectation for minimal debt repayment over the next two years, primarily due to the company’s aggressive financial policy and low discretionary cash flow generation,” said S&P credit analyst Elton Cerda in a news release.

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