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S&P rates CCC Information loan
Standard & Poor's said it assigned its B+ corporate credit rating to CCC Information Services Inc. and its B+ senior secured debt rating with a recovery rating of 4 to the company's proposed $208 million senior secured bank facility.
S&P said the ratings reflect CCC Information's narrow product focus within a mature niche marketplace and leveraged balance sheet. These are only partially offset by a largely recurring revenue base, supported by intermediate-term customer contracts, high barriers to entry and solid operating margins, allowing for modest free operating cash flow generation.
Following the proposed refinancing, pro forma operating lease-adjusted debt to EBITDA was about 3.9x as of June. EBITDA coverage of interest is expected to remain above 4x, which is comfortable for the rating.
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