S&P rates Evertec loan BB-

Standard & Poor's said it assigned its BB- issue-level ratings to Evertec LLC's proposed $170 million first-lien incremental term loan B due 2016. The agency also assigned the loan a 2 recovery rating, indicating an expectation for substantial recovery for lenders in the event of a payment default.

The B- issue-level rating on the company's proposed $40 million add-on unsecured notes due 2018 remains unchanged. The 6 recovery rating on the unsecured notes also remains unchanged.

The issue-level and recovery ratings on the proposed facilities are equal to the ratings on the company's existing first-lien and unsecured debt despite the increased debt load, as S&P has revised upwards our estimated projected default-level enterprise valuation, the agency said.

S&P said its corporate credit rating and outlook on the company are unchanged by the additional debt.

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