S&P rates MRI loan B+

Standard & Poor's said it assigned its B corporate credit rating to MRI Software LLC. The outlook is stable.

At the same time, S&P assigned a B+ issue-level rating with a recovery rating of 2 to the company's $165 million senior secured first-lien credit facilities, comprising a $15 million revolving credit facility due 2019 and a $150 million first-lien term loan due 2021. The 2 recovery rating indicates an expectation for substantial (70% to 90%) recovery of principal in the event of a default.

The company used the proceeds from the $150 million senior secured first-lien term loan and a $65 million second-lien term loan (unrated) to fund a $187 million dividend to its financial sponsor and repay existing debt.

"Our ratings on MRI Software reflect its 'weak' business risk profile and 'highly leveraged' financial risk profile, as defined by our criteria," said S&P credit analyst David Tsui in a news release.

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