S&P rates Optimal Payments loan BB+

Standard & Poor’s said it assigned its BB long-term corporate credit rating to Optimal Payments plc. The outlook is stable.

At the same time, S&P assigned a BB+ issue rating to the €215 million senior secured term loan B, which forms part of a new €500 million senior secured facility issued by Optimal Payments, and the $85 million senior secured revolving credit facility, also issued by Optimal Payments.

The recovery rating on these facilities is 2, indicating an expectation of recovery in the event of a payment default in the upper half of the 70% to 90% range.

S&P said the corporate credit rating reflects the agency’s assessment of Optimal Payments’ business risk profile as “weak” and its financial risk profile as “intermediate,” following the successful acquisition of U.K.-headquartered provider of digital wallet and prepaid online payment services Skrill Group Ltd.

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