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Bankrate Inc. Upgraded To 'BB-'; $100M Credit Facilities Rated; Outlook Stable Jun 11
Standard & Poors, 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
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.