S&P gives Autodata B-, facilities B-, CCC

S&P said it assigned a B- corporate credit rating to Autodata Inc. and assigned a B- issue-level rating to the company's proposed $285 million first-lien credit facility, consisting of a $25 million revolving credit facility due 2022 and a $260 million first-lien term loan due 2024.

The 3 recovery rating indicates an expectation of meaningful (50%-70%; rounded estimate 65%) recovery in the event of a default.

The agency also assigned a CCC issue-level rating to the company's $100 million second-lien term loan due 2025. The 6 recovery rating indicates an expectation of negligible (0%-10%; rounded estimate 0%) recovery.

The outlook is stable.

The ratings on Autodata reflect a view of the company's niche product offering, small scale relative to that of rated software peers, high focus on the auto industry, geographic and customer concentration and high leverage, S&P explained.

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