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S&P changes Infogroup view
S&P said it revised its outlook on Infogroup Inc. to negative from stable and affirmed the B corporate credit rating.
In addition, the agency affirmed the B+ issue-level rating on the company's senior secured first-lien credit facility, consisting of a $30 million revolving credit facility and a $250 million term loan.
The 2 recovery rating is unchanged, indicating an expectation for substantial (70%-90%; rounded estimate: 80%) recovery in the event of a default.
S&P said the revision reflects Infogroup's inability to grow revenues and margins sufficiently to offset the loss of high-margin customers in its Enterprise Data Solutions business, resulting in elevated leverage.
“Following the weaker-than-anticipated 2017 operating performance, we expect that that the company's free operating cash flow (FOCF) to debt will remain below 5% over the next 12 months,” the agency said in a news release.
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