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S&P affirms Ability after add-ons
Standard & Poor’s said it affirmed the B corporate credit rating on Ability Network Inc.
The agency also said it affirmed the B rating on the company’s $20 million revolving credit facility due 2019 and $294.5 million first-lien term loan due 2021, which includes the $92.5 million add-on.
The recovery rating is 3, indicating 50% to 70% expected default recovery.
The agency also said it affirmed the CCC+ rating on Ability’s $103.6 million second-lien term loan due 2022, which includes the $23.6 million add-on.
The recovery rating is 6, indicating 0 to 10% expected default recovery.
The outlook is stable.
The company’s financial risk profile is considered highly leveraged, reflecting debt-to-EBITDA leverage in the low-7x range, S&P said.
Its weak business risk profile is based on its modest revenue base and niche position in the overall health care IT service sector, the agency said.
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