S&P rates West notes B

Standard & Poor's said it assigned West Corp.'s proposed $500 million of senior unsecured notes due 2018 its issue-level rating of B, one notch lower than the B+ corporate credit rating on the company.

The agency said it also assigned this debt a recovery rating of 5.

The company plans to use note proceeds to reduce its term loan balance, S&P noted.

At the same time, the agency said it revised its recovery rating on the company's existing senior unsecured debt to five from six while it raised the issue-level rating to B from B-, in accordance with its notching criteria for a recovery rating of 5.

Existing ratings on the company, including the B+ corporate credit rating, were affirmed, the agency said. The outlook is stable.

"The B+ corporate credit rating reflects its expectation that leverage at West Corp. will remain high over the intermediate term as the company continues its acquisitive growth strategy," said credit analyst Andy Liu.

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