S&P revises ratings of tech services companies

S&P said it reviewed several of its recovery and issue-level ratings in the U.S. technology services sector for speculative-grade corporate issuers that were considered under criteria observation after the agency published its revised recovery ratings criteria Dec. 7.

With the criteria review complete, the agency said it revised the issue-level and recovery ratings as appropriate.

These rating actions stem solely from the application of the revised recovery criteria and do not reflect any change in the assessment of the corporate credit ratings for issuers of the affected debt issues, S&P said.

AF Borrower LLC’s senior secured rating was upgraded to B+ from B with its recovery rating revised to 2L from 3L and senior secured rating upgraded to B- from CCC+ with recovery rating of 5L from 6.

EagleView Technology Corp.’s senior secured rating was upgraded to B+ from B with recovery rating revised to 2H from 3H.

j2 Global Inc.’s senior unsecured rating was upgraded to BB- from B+ with recovery rating revised to 5L from 6.

Vencore Inc.’s senior secured rating was revised to B+ from B with recovery rating revised to 2L from 3H.

Artel LLC’s senior secured rating was downgraded to CCC+ from B- with recovery rating revised to 3L from 2H.

Cardtronics Inc.’s senior secured rating was downgraded to BBB- from BBB with its recovery rating unchanged at 1.

APX Group Inc.’s senior secured rating was affirmed at B and its recovery rating was revised to 3H from 4H.

Central Security Group Inc.’s senior secured rating was affirmed at CCC and its recovery rating was revised to 3H from 4H.

Interface Security Systems LLC’s and Interface Security Systems Holdings Inc.’s senior secured ratings were affirmed at CCC+ with recovery ratings revised to 3L from 4H.

Monitronics International Inc.’s senior secured rating was affirmed at B- and its recovery rating was revised to 3H from 4H.

FleetCor Technologies Operating Co. LLC’s senior secured rating was affirmed at BB+ and its recovery rating was revised to 3H from 3L.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.