S&P lowers Interactive Data, rates notes CCC+

Standard & Poor's said it lowered the corporate credit rating on Interactive Data Corp. to B from B+.

The outlook is stable.

The agency also said it assigned a B corporate credit rating to the ultimate holding company, Igloo Holdings Corp.

The outlook is stable.

S&P also said it assigned a CCC+ rating to the proposed senior unsecured notes with recovery rating of 6, indicating 0 to 10% expected default recovery.

The agency also said it lowered the ratings on the company's bank debt to B+ from BB- and its senior unsecured notes to B- from B. The recovery ratings on the company's existing debt remain unchanged.

The ratings reflect an expectation that Igloo's consolidated debt leverage will remain high in the low- to mid-7x range over the next year, said Jeanne Shoesmith, an S&P analyst.

The agency said Igloo has a satisfactory business risk profile, characterized by its leading position in securities pricing data and analytics, benefiting from somewhat high barriers to entry and a diversified client base.

The company has a highly leveraged financial risk profile based on its mid-7x leverage, S&P said.

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