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S&P rates TriZetto loan CCC+
Standard & Poor's said it affirmed its B corporate credit rating on TriZetto Group Inc. The outlook is stable.
At the same time, the agency said it assigned its CCC+ issue-level rating and a 6 recovery rating to the company's $150 million second-lien term due 2019. The 6 recovery rating indicates an expectation of negligible recovery in the event of payment default.
S&P said it also affirmed its B issue-level rating on the company's first-lien credit facilities, comprising a $650 million term loan due 2018 and a $85 million revolving credit facility due 2016. The 3 recovery rating remains unchanged.
"The ratings on TriZetto reflect our expectation that the company will maintain good revenue growth in fiscal 2012 and 2013 after weak 2011 operating results, because of strong bookings and high backlog in recent quarters," said S&P credit analyst Andrew Chang in a news release.
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