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Bankrate Inc. Upgraded To 'BB-'; $100M Credit Facilities Rated; Outlook Stable Jun 11 Product Image

Bankrate Inc. Upgraded To 'BB-'; $100M Credit Facilities Rated; Outlook Stable Jun 11

  • Published: June 2011
  • Standard & Poors

Abstract
Based on debt reduction associated with Bankrate's successful IPO and the elimination of pay-in-kind (PIK) preferred shares (which we regard as being debt-like), we have raised our corporate credit rating on Bankrate Inc. to 'BB-' from 'B' and removed all ratings from CreditWatch. We are assigning the company's $30 million superpriority revolving credit facility a 'BB+' issue rating and a recovery rating of '1'. The $70 million senior secured credit facility is rated 'BB-' with a recovery rating of '4'. The outlook is stable, reflecting our expectation of steady operating performance, which should support Bankrate's continuing acquisition activity at the current rating. CHICAGO (Standard & Poor's) June 22, 2011--Standard & Poor's Ratings Services said today it raised its corporate credit...

Companies mentioned in this report are:
- Bankrate Inc.

Action: New Rating

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 READ MORE >

- Bankrate Inc.

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