S&P rates Cerved notes B, CCC+

Standard & Poor's said it assigned a B preliminary long-term corporate credit rating to Cerved Technologies SpA.

The outlook is stable.

At the same time, S&P assigned a B preliminary issue rating to Cerved's proposed €250 million senior secured floating-rate notes due 2019 and proposed €300 million senior secured fixed-rate notes due 2020. The recovery rating on these proposed notes is 4, indicating the expectation of a meaningful (30%-50%) recovery for creditors in the event of a payment default.

The agency also assigned a CCC+ preliminary issue rating to Cerved's proposed €230 million senior subordinated notes due 2021. The recovery rating on these notes is 6, indicating expectation of negligible (0%-10%) recovery for creditors in the event of a payment default.

S&P said the actions reflect its assessment of the group's financial risk profile as "highly leveraged" and business risk profile as "fair."

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