S&P rates Fifth Third Processing loans BB-, B-

Standard & Poor's said it assigned a B+ corporate credit rating to Fifth Third Processing Solutions, LLC and a BB- rating to the company's $150 million senior secured revolving credit facility and $1.575 billion first-lien term loan with a recovery rating of 2, indicating expectation for 70% to 90% recovery.

In addition, S&P assigned a B- rating to the proposed $275 million second-lien term loan with a recovery rating of 6, indicating expectation for 0% to 10% recovery.

Proceeds will be used to finance the acquisition of National Processing Co. Group Inc. (B/stable) and to refinance debt.

The outlook is stable.

"The rating reflects FTPS' leveraged financial profile and our view that the company's ownership structure is likely to preclude sustained deleveraging, despite a solid U.S. market position and consistent operating performance," S&P analyst Alfred Bonfantini said in a statement.

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