S&P rates Tweddle loan B

S&P said it assigned a B corporate credit rating to Tweddle Holdings Inc.

The outlook is stable.

The agency also said it assigned a B rating and 3 recovery rating to Tweddle Group Inc.'s $225 million secured term loan due 2023.

The 3 recovery rating indicates 50% to 70% expected default recovery.

Tweddle Holdings is the ultimate parent of Tweddle Group, S&P explained.

The B corporate credit rating reflects Tweddle's small scale, significant client concentration and well-established client relationships and data analysis capabilities, the agency said.

The ratings also reflect a forecasted adjusted leverage pro forma for the $225 million recapitalization of more than 5x in 2016 and 4x in 2017, S&P said.

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