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Summary: Language Line Holdings LLC
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
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.
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
Language Line Holdings LLC