S&P rates Evertec notes B-

Standard & Poor's said it assigned a B- rating to Evertec Inc.'s $220 million senior notes due 2018. The new rating is two notches below the B+ corporate credit rating. The agency also said it assigned a 6 recovery rating to this debt, indicating 0% to 10% expected recovery in a default.

The outlook is stable.

The rating reflects the company's narrow market profile, leveraged financial profile, and a view that the company's ownership structure is likely to preclude sustained deleveraging, the agency said.

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