Summary: Language Line Holdings LLC

Standard & Poors, April 2011

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
The 'B+' corporate credit rating reflects our expectation that Language Line's financial policy will remain aggressive and leverage will remain high, which underpins our assessment of the financial risk profile as aggressive. The rating also reflects the company's vulnerability to clients moving their translation services in-house and continued pricing pressure in the over-the-phone interpretation (OPI) market. These factors contribute to our view of Language Line's business profile as weak. The rating outlook is negative reflecting Language Line's recently weak operating performance and the potential for a rating downgrade should weak operating performance persist and raise leverage above mid-6x. Although Language Line is the leading outsourced OPI provider, we view its business profile as weak because of pricing pressure and because...

Companies mentioned in this report are: Language Line Holdings LLC
Action: Review

Language Line Holdings LLC

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