S&P rates Worldspan loan B, notes CCC+

Standard & Poor's said it assigned its B rating to Worldspan LP's proposed $440 million secured credit facility. The recovery rating is 2. At the same time, a CCC+ rating was assigned to Worldspan's proposed $350 million second-lien secured floating-rate notes. The outlook is stable.

The B+ corporate credit rating, BB- secured credit facility rating, B- senior unsecured debt rating and B- subordinated debt rating was affirmed.

S&P said the ratings on Worldspan reflect its weak financial profile and limited financial flexibility, pro forma for its proposed recapitalization.

The recapitalization will add debt to redeem all the preferred stock held by the company's owners, Citigroup Venture Capital and Teachers' Merchant Bank, according to S&P.

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