S&P: C1 affirmed on add-on

Standard & Poor’s said it affirmed the B corporate credit rating on C1 Investment Corp.

The outlook is stable.

The agency also said it affirmed the B rating on the company’s $240 million first-lien term loan, including the $50 million incremental issuance.

The recovery rating remains at 3, indicating 50% to 70% expected default recovery.

S&P also said it affirmed the CCC+ rating on the company’s $90 million second-lien term loan. The recovery rating remains at 6.

The company is issuing the incremental term loan to fund two tuck-in system integrator acquisitions, the agency said.

The ratings reflect the company’s business risk profile as weak and its financial risk profile as highly leveraged, S&P said.

The ratings also consider its limited scale in a competitive, fragmented industry and its financial sponsor ownership, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.