S&P affirms Equian

S&P said it affirmed its B corporate credit rating on Equian Buyer Corp.

The outlook is stable.

At the same time, the agency affirmed the B issue-level rating on the company's first-lien credit facilities, including a $30 million revolving commitment expiring in 2022 and a $740 million term loan due in 2024 (including the $315 million add on).

The recovery rating is 3, indicating an expectation for meaningful recovery (50%-70%; rounded estimate: revised to 50% from 60%) in the event of a payment default.

Equian is planning to raise the $315 million first-lien term loan add-on to finance its acquisition of OmniClaim.

S&P said the affirmation reflects a view that Equian will successfully integrate OmniClaim and will reduce leverage to the mid- to low-6x area at year-end 2019, following an uptick in leverage in 2018.

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