S&P gives Rural/Metro loan B+

Standard & Poor's said it assigned its issue-level ratings on Rural/Metro Operating Co. LLC's proposed $345 million senior secured credit facility.

The facility consists of a $75 million revolving credit facility due 2015 and a $270 million term loan B due 2016, the agency said, noting that the issue-level ratings on the bank facility are B+, the same as the corporate credit rating, with a 3 recover rating.

The company is revising its previously proposed refinancing and will use proceeds from this proposed financing, in addition to $14 million of cash from the balance sheet, to repay its existing debt, including the Holdco pay-in-kind notes, S&P added.

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