S&P: Triple Point loan at B+

Standard & Poor's said it assigned a B corporate credit rating to Triple Point Technology Inc., along with a B+ rating to the company's $10 million senior secured revolving credit facility and $125 million term B loan both due 2016.

The recovery rating on the debt is 2, indicating a 70% to 90% expected recovery in a default.

The proceeds will be used to pay a dividend to shareholders, refinance existing debt and pay for related transaction fees and expenses.

The outlook is stable.

The rating reflects Triple Point's narrow market focus, limited track record operating at current levels, leveraged financial profile and private-equity ownership structure, S&P said.

Its relatively high recurring revenue base and solid margins partially offset those factors, the agency said.

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