S&P rates Dun & Bradstreet loans BB+

S&P said it assigned its BB+ issue-level rating to Dun & Bradstreet Corp.'s new $300 million senior unsecured term loan due 2023 and $1 billion senior unsecured revolving credit facility due 2023.

The 3 recovery rating indicates an expectation of meaningful recovery (50%-70%; rounded estimate 55%) in the event of a default.

The company used borrowings under the financings to repay outstanding balances on its existing revolving credit facility and term loan.

The issue-level and recovery ratings are at the same level as the rating on the company's existing senior unsecured notes.

The BB+ corporate credit rating is unchanged and reflects the company's well-recognized brand, its good market position, despite having a number of niche and established competitors, and its business transformation needs to improve organizational agility, EBITDA margins and organic growth, S&P said.

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