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S&P rates Intergraph loan BB-
Standard & Poor's said it assigned a BB- rating with a recovery rating of 2 to Intergraph Corp.'s $300 million incremental term loan and lowered its second-lien credit facility to BB-.
The outlook on the company's B+ corporate credit rating is stable.
The company said it plans to use the proceeds to finance a shareholder dividend.
The ratings reflect the company's solid recurring revenue base and fairly predictable free operating cash flow, S&P said.
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