S&P rates Intelligrated loans B and CCC+

Standard & Poor's said it affirmed its B corporate credit rating on Intelligrated Inc. The outlook is stable.

At the same time, the agency said it assigned a B issue rating and 3 recovery rating to the company's proposed new $250 million first-lien credit facility. The 3 recovery rating indicates an expectation of a meaningful recovery in a payment default scenario.

The agency said it also assigned a CCC+ issue rating and 6 recovery rating to the company's proposed new $90 million second-lien credit facility due 2020. The 6 recovery rating indicates an expectation of negligible recovery in a payment default scenario.

S&P said the affirmation of the corporate credit rating on Intelligrated primarily reflects its highly leveraged financial risk profile, which more than offsets its weak business risk profile.

"We expect Intelligrated's credit measures to improve modestly in 2012 with help from moderate organic growth, cost savings, and EBITDA margins above 10%," said S&P credit analyst Carol Hom in a news release.

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