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S&P: Vertrue on watch
Standard & Poor's said it placed its ratings on Vertrue Inc., including the B+ corporate credit rating, on CreditWatch with negative implications.
The CreditWatch placement follows Vertrue's announcement that it has entered into a definitive agreement to be acquired by management and an investor group for $800 million, the agency said.
According to S&P, the company's recent financial performance has been somewhat lackluster and although revenue rose 11.5% for the 12 months ended Dec. 31 over the same period of 2005, EBITDA declined by 4.7%.
The EBITDA decline was attributable to sharply higher marketing expenses and customer acquisition costs, which were only partially offset by higher membership and price increases, the agency added.
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