S&P: Verisk unchanged

Standard & Poor's said the BBB- corporate credit rating on Verisk Analytics Inc. remains unchanged following news that the company intends to purchase Eagleview Technology Corp.

The outlook is stable.

The agency also said it affirmed the company's BBB- rating on the company's senior unsecured notes.

Verisk intends to fund the acquisition with $50 million of cash on hand and by drawing down $585 million from its fully available $975 million revolver.

At the close of the transaction, S&P said it estimates that pro forma leverage will increase to about 2.5x from about 1.8x as of Sept. 30, which is still within the parameters of the rating and outlook.

The ratings reflect the company's leading market share for data and analytic tools for the property & casualty insurance industry, a large recurring revenue base with high customer retention and robust cash flow characteristics, the agency said.

An acquisitive growth strategy, including diversification into more competitive and fragmented markets and significant historical share repurchases, are partially offsetting factors, S&P said.

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