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S&P rates Australian Technology Innovators loan CCC+
S&P said it affirmed its B long-term issuer credit rating on Australian Technology Innovators Pty Ltd. (ATI). The outlook remains stable.
S&P also affirmed its B issue-level ratings on the company's senior secured first-lien term loan facility. The 3 recovery rating on the first-lien term loan indicates an expectation of meaningful recovery (65%) in the event of a payment default.
At the same time, S&P assigned a CCC+ issue-level rating on the company's proposed senior secured second-lien A$100 million term loan facility. The 6 recovery rating on the second-lien loan indicates expectations of minimal recovery (0%-10%) in the event of a payment default.
ATI is the parent entity of InfoTrack Pty Ltd. and LEAP Legal Software Pty Ltd., which provide legal practice management and integrated search software services in the niche legal and conveyancing industries.
“We affirmed the ratings on ATI to reflect the company's adequate rating headroom to fund a minority stake in InfoTrack Group Pty Ltd. (UK) and distribute a A$50 million cash dividend,” S&P said in a news release.
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