S&P: Interval Leisure redeems notes

Standard & Poor's said it withdrew the BB+ corporate credit rating on Interval Leisure Group Inc. following the company's redemption of its $300 million 9½% senior notes due August 2016 at par using availability under its new $500 million revolving credit facility, which is not rated, and cash on hand.

The BB+ issue rating and 4 recovery rating on the redeemed notes also were withdrawn.

The agency said the refinancing did not affect the BB+ corporate credit rating because Interval is expected to use its free operating cash flow broadly for modest-size acquisitions, share repurchases and debt repayment.

The absence of a long-term leverage policy by management results in some uncertainty regarding the company's future plans for the balance sheet, S&P said, and limits the consideration of a higher rating.

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