S&P rates Sungard loan B+

S&P said it gave its point-in-time B+ rating to the $95 million of new money debtor-in-possession term loan provided to Sungard AS New Holdings III LLC. Sungard filed for protection under Chapter 11 of the U.S. Bankruptcy Code on April 11.

“Our B+ issue-level rating on Sungard AS' DIP term loan reflects our view of the credit risk borne by the DIP lenders, including our view of the company's ability to meet its financial requirements during bankruptcy through our debtor credit profile (DCP) assessment, the prospects for full repayment through the company's reorganization and emergence from Chapter 11 (via our capacity for repayment at emergence [CRE] assessment), and potential for full repayment in a liquidation scenario (via our additional protection in a liquidation scenario [APLS] assessment),” the agency said in a press release.

S&P said it will not review, modify, or provide ongoing surveillance of the rating.

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