S&P rates iHealth B+, loan BB

Standard & Poor's said it assigned iHealth Technologies a B+ corporate credit rating and its $175 million senior secured term loan due 2016 and $30 million revolving credit facility due 2015 BB issue ratings and 1 recovery ratings.

The outlook is stable.

The ratings reflect the company's narrow business profile, participation in a competitive market with well-capitalized larger competitors, a concentrated customer base and the view that the company's private-equity ownership structure is likely to preclude sustained deleveraging, S&P said.

The ratings also consider multiyear contracts providing good revenue visibility, a solid customer retention record and consistent free cash flow generation, the agency said.

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