S&P elevates CCC Intelligent Solutions, rates loans B

S&P said it raised its issuer credit rating on CCC Intelligent Solutions Inc. to B from B- and raised its rating on the first-lien credit facility to B from B-. The 3 recovery rating is unchanged.

S&P also assigned a B issue-level rating and 3 recovery rating to the proposed $250 million revolving credit facility and $800 million term loan.

The outlook is stable.

CCC Intelligent Solutions recently became public following a special purpose acquisition company (SPAC) process and used a portion of the proceeds to prepay debt.

“The stable outlook reflects our expectation that CCC will continue deleveraging toward the mid-4x area by the end of 2022 from the high-4x area, including debt reduction from the SPAC transaction,” S&P said in a news release.

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