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S&P puts Ipreo parent on positive watch
S&P said it placed its B corporate credit rating on Infinity Acquisition LLC, the parent of Ipreo Holdings LLC, on CreditWatch with positive implications.
At the same time, S&P placed the B+ issue-level rating on the company's senior secured debt and the CCC+ issue-level on its senior unsecured debt on CreditWatch with positive implications. The recovery rating on the senior secured debt is 2 reflecting an expectation of substantial (70%-90%; rounded estimate: 80%) recovery in the event of default. The recovery rating on the senior unsecured debt is 6, reflecting an expectation of negligible (0%-10%; rounded estimate: 5%) recovery in the event of default.
S&P said the CreditWatch placement follows the announcement that global information and analytics provider IHS Markit Ltd (BBB-/stable/--) plans to purchase New York City-based Ipreo for $1.855 billion in cash. IHS expects the acquisition to close by August.
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