Solera Holdings Inc. $350M Senior Notes Assigned 'BB-' Rating (Recovery Rating: 5) Jun 11
- ID: 1814989
- June 2011
- Standard & Poors
NEW YORK (Standard & Poor's) June 7, 2011--Standard & Poor's Ratings Services said today it assigned its 'BB-' issue-level rating to Solera Holdings Inc.'s $350 million senior notes due 2018. The new rating is one notch below the 'BB' corporate credit rating on the company. We also assigned a '5' recovery rating to this debt, indicating our expectation of modest (10%-30%) recovery for lenders in the event of a payment default. In addition, we raised the issue rating on the company's first-lien credit facilities to 'BB+' from 'BB' as a result of a revision of the recovery rating on this debt, which we revised to '2' from '3'. The '2' recovery rating indicates substantial (70%-90%) recovery. The rating revision reflects...
Companies mentioned in this report are: Solera Holdings Inc.
Action: New Rating
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Research type: News
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