S&P elevates Vantiv

Standard & Poor’s said it raised its corporate credit rating on Vantiv LLC to BB+ from BB. The outlook is stable.

S&P also raised the issue-level rating to BBB- from BB+ on the company’s senior secured credit facility, which consists of a $2.05 billion term A loan, a $1.4 billion term B loan, and $425 million revolving credit facility. There is no change to the 2 recovery rating, which indicates an expectation for substantial (70% to 90%; upper half of the range) recovery of principal in the event of default.

“The upgrade reflects our view of Vantiv’s deleveraging following its debt-financed acquisition of Mercury Payment Systems LLC for $1.7 billion,” said S&P credit analyst Peter Bourdon in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.