Research Update: Vision Solutions Inc. Outlook Revised To Stable; First-Lien Credit Facility Rated 'BB-' (Recovery Rating: 2) Mar 11

Standard & Poors, March 2011

Abstract
We are affirming our 'B+' corporate credit rating on U.S. IA solutions provider Vision Solutions. In addition, we are revising the outlook on the company to stable from negative. We are also assigning a 'BB-' rating to the company's new first-lien credit facility with a recovery rating of '2' and a 'B-' rating to the company's new second-lien facility with a recovery of '6'. The company intends to use the proceeds to refinance existing debt, redeem payment-in-kind preferred stock, and make a distribution to shareholders. The stable outlook reflects a high proportion of recurring revenue as well as our view that risks associated with DoubleTake acquisition have been mitigated by the overachievement of cost savings On March 16, 2011, Standard...

Companies mentioned in this report are: Vision Solutions Inc
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Vision Solutions Inc

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