S&P assigns BB+ to FleetCor loans

Standard & Poor’s said it assigned its BB+ corporate credit rating to FleetCor Technologies Inc. The outlook is stable.

At the same time, S&P assigned BB+ issue-level and 3 recovery ratings to FleetCor Technologies Operating Co. LLC’s $1.7 billion first-lien term loan A due 2019, $1.05 billion first-lien term loan B due 2021, $1 billion first-lien revolving credit facility expiring 2019 and $35 million revolving credit facility B.

The 3 recovery ratings indicate an expectation for meaningful recovery (50%-70%) in the event of payment default.

“The stable outlook reflects our expectation that the company will not encounter major issues as it integrates Comdata and adheres to its stated goal of reducing leverage over the next 12 months,” said S&P credit analyst John Moore in a news release.

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