S&P: First American Payment loans B+, CCC+

S&P said it affirmed the B corporate credit rating on First American Payment Systems, LP.

The agency also said it assigned a B+ rating and 2 recovery rating to the company's proposed first-lien term loan, along with a CCC+ rating and 6 recovery rating to its proposed second-lien term loan.

The outlook remains stable.

The ratings reflect an assessment of the company’s business risk profile as weak based on the high level of competition from entities with significantly greater resources, S&P said.

The ratings also consider the company's relatively limited geographic presence, the agency said, and the high merchant attrition inherent in the small- and midsized-business market.

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