S&P: TravelClick negative

Standard & Poor's said it affirmed its ratings on TravelClick Inc., including the B corporate credit rating. At the same time, the agency said it revised the outlook to negative from stable.

The agency said it also affirmed its B issue-level ratings on the company's $195 million term loan due 2016 and $20 million revolving credit facility due 2016.

"We expect the company to generate good organic revenue growth in fiscal 2012, but with lower free operating cash flow as a result of increased investment in product development and sales and marketing," said S&P credit analyst Christian Frank in a news release.

The negative outlook reflects S&P's uncertainty that the company will maintain adequate headroom under its leverage covenant given recent performance, upcoming step-downs and a weak economic backdrop, the agency said.

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