S&P rates APX Group notes B

Standard & Poor's said it assigned its B corporate credit rating to APX Group Holdings Inc. The outlook is stable.

At the same time, the agency said it assigned a B issue rating with a recovery rating of 4 to the company's $925 million senior secured notes. The recovery rating indicates an expectation for 30% to 50% recovery for lenders in the event of default.

The agency said it also assigned a CCC+ issue rating with a recovery rating of 6 to the company's $380 million of senior unsecured notes. The recovery rating indicates an expectation for 0% to 10% recovery for lenders in the event of default.

"The company has a second-tier position in a highly competitive market with low barriers to entry," said S&P credit analyst Katarzyna Nolan in a news release.

"Positive factors include a highly recurring and rapidly growing revenue base, as well as below-industry-average attrition rates."

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