S&P: Campaign Monitor loan B

Standard & Poor's said it assigned a long-term issuer credit rating of B to Campaign Monitor Finance Pty Ltd.

The outlook is stable.

Campaign Monitor Finance is a debt-issuing holding company of Campaign Monitor Pty Ltd., S&P said.

The agency also said it assigned a rating of B and a recovery rating of 4 to Campaign Monitor's proposed $160 million first-lien senior secured term loan B. A recovery rating of 4 indicates 30% to 50% expected default recovery.

The ratings are based on the group's weak business risk profile and highly leveraged financial risk profile, S&P said.

The ratings also reflect the group's narrow product mix, small earnings base, relatively low barriers to entry and strong competition, the agency said.

Tempering these factors are the group's high profit margins, low capital intensity, diverse customer base and growing global demand for e-mail marketing products and services, S&P said.

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