Research Update: Bankrate Inc. Upgraded To 'BB-'; $100M Credit Facilities Rated; Outlook Stable Jun 11
- Language: English
- Published: June 2011
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
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Research type: News
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- Bankrate Inc.