S&P rates Vivid Seats loan B+

S&P said it assigned a B corporate credit rating to Vivid Seats LLC.

The outlook is stable.

The agency also said it assigned a B+ rating and 2 recovery rating to Vivid Seat’s $20 million first-lien senior secured revolving credit facility and $253 million first-lien senior secured term loan.

The 2 recovery rating indicates 70% to 90% expected default recovery.

The ratings reflects the company’s highly substitutable product and services, somewhat low barriers to entry in the secondary ticket market and the company’s aggressive financial policy, S&P said.

These weaknesses are partially offset by the company’s strong relationships with professional ticket brokers, an expectation for healthy discretionary cash flow in 2016 and the company’s adequate liquidity, the agency said.

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