S&P gives Accuvant holdco loans B, CCC+

Standard & Poor's said it assigned its B corporate credit rating to AF Borrower LLC.

The outlook is stable.

At the same time, the agency assigned its B issue-level rating and 3 recovery rating to the company's proposed $300 million first-lien term loan due 2022. The 3 recovery rating indicates an expectation for meaningful recovery (50%-70%; at the higher end of the range) in the event of payment default.

S&P also assigned its CCC+ issue-level rating and 6 recovery rating the company's proposed $125 million second-lien term loan due 2023. The 6 recovery rating indicates an expectation for negligible recovery (0%-10%) in the event of payment default.

AF Borrower is the holding company for Accuvant Inc.

"The rating on AF Borrower LLC reflects the company's narrow market focus, fragmented and competitive industry, and leverage, which we expect to fall to the 6x area over the next 12 months," S&P credit analyst Christian Frank said in a news release.

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