S&P lowers AlixPartners, rates loans B+, B-

Standard & Poor's said it lowered the corporate credit rating on AlixPartners LLP to B+ from BB.

The rating was removed from CreditWatch, where it was placed with negative implications in April.

The outlook is stable.

S&P also said it assigned a B+ rating to the company's proposed senior first-lien credit facility with a recovery rating of 3.

The 3 recovery rating indicates 50% to 70% expected recovery in a default.

The proposed first-lien credit facility consists of a $75 million revolving credit facility due 2017 and a $600 million term loan B due 2019.

The agency also assigned a B- rating to the company's proposed $220 million second-lien term loan due 2019 with a recovery rating of 6.

The 6 recovery rating indicates 0 to 10% expected recovery in a default.

The ratings reflect an expectation of moderate revenue and EBITDA growth over the intermediate term, S&P said.

The company's business profile is considered fair because it faces keen competition for consulting services and some exposure to business cycles, the agency said.

The company has a strong competitive position in the automotive industry, but faces more competition in other industry sectors, S&P added.

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