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S&P rates ViaWest loans B
Standard & Poor's said it assigned its B corporate credit rating to ViaWest Inc.
The outlook is stable.
S&P also assigned a B issue-level rating to the company's $361 million senior secured credit facilities. The proposed facilities consist of an upsized $326 million term loan due 2017 and a $35 million revolving credit facility due 2017. The 3 recovery rating on this debt indicates an expectation for meaningful (50% to 70%) recovery in the event of a payment default.
"The ratings reflect the company's 'highly leveraged' financial profile and 'weak' business risk profile under our criteria," said S&P credit analyst Michael Weinstein in a news release.
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