S&P gives BB+ to FleetCor loan

S&P said it assigned its BB+ issue-level rating to FleetCor Technologies Operating Co. LLC's (a subsidiary of FleetCor Technologies Inc.) proposed $4.125 billion senior secured credit facility, which includes a $2.59 billion term loan A, $1.25 billion revolver (domestic) and $250 million term loan B.

S&P also assigned a 3 recovery rating to the facility, indicating an expectation for meaningful recovery (50% to 70%; rounded estimate: 65%) in the event of payment default.

These ratings are the same as S&P’s ratings on the company's existing senior secured debt.

“This transaction does not affect our BB+ corporate credit rating on FleetCor Technologies Inc.,” S&P said in a news release.

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