S&P lowers CCC Information, rates loan B+

Standard & Poor's said it lowered the corporate credit rating on CCC Information Services Inc. to B from B+.

The outlook is negative.

The agency also said it assigned a B+ rating with a recovery rating of 2 to the company's proposed $50 million senior secured revolving credit facility and $470 million first-lien term loan.

The 2 recovery rating indicates 70% to 90% expected recovery in a default.

The downgrade reflects the company's weak business risk profile, characterized by its narrow product focus within a mature niche market, S&P said.

The downgrades also consider its highly leveraged financial risk profile, the agency said.

The company's significant base of recurring revenues, high barriers to entry and solid operating margins partly offset these factors, S&P said.

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