S&P assigns Evertec notes B-

Standard & Poor's said it assigned its preliminary B- senior unsecured rating to Evertec Inc.'s $220 million of notes due 2017, with a preliminary recovery rating of 6.

"The rating on Evertec," said S&P credit analyst Molly Toll-Reed, "reflects the company's narrow market profile, leveraged financial profile, and its view that the its ownership structure is likely to preclude sustained deleveraging."

The agency said it expects the company to maintain its "aggressive" financial risk profile, with pro forma adjusted leverage in the low-5x area and funds from operations to total debt of about 10%.

© 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.