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S&P assigns TransFirst B+, loans B+, B-
Standard & Poor's said it assigned its B+ corporate credit rating to TransFirst Holdings Inc.
The outlook is negative.
At the same time, the agency said it assigned its B+ bank loan rating and 2 recovery rating to the company's proposed $310 million of first-lien senior secured facilities.
S&P added that it assigned its B- bank loan rating and 5 recovery rating to the proposed $120 million second-lien term loan.
The rating reflects the company's narrow business profile, significant reliance on outsourced providers to generate new sales growth and the company's high leverage, the agency said, noting that these factors partly are offset by its smooth integration of a large acquisition and steady, predictable cash flow.
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