S&P rates Allied Security/SpectaGuard

Standard & Poor's said it assigned a B+ corporate credit rating to Allied Security Holdings LLC, the parent company of SpectaGuard Acquisition LLC, and a B+ bank loan rating and 3 recovery rating to Allied Security's proposed $260 million senior secured credit facilities.

S&P also assigned a B- rating to a proposed $175 million in senior subordinated notes due 2011 that will be issued by Allied Security Escrow Corp., an indirect parent of SpectaGuard.

S&P also affirmed all its outstanding ratings on SpectaGuard, which conducts business under the name Allied Security Inc., including the company's B+ corporate credit rating.

All ratings are removed from CreditWatch, where they were placed on May 26.

The outlook on both SpectaGuard and Allied Security Holdings is negative.

The ratings on Allied Security reflect its narrow business focus, acquisitive nature and leveraged financial profile, S&P said. These factors are somewhat offset by the industry's favorable growth prospects, the company's fairly stable cash flows and its modest capital expenditure requirements.

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