S&P rates CCC Information loans B+, CCC+

S&P said it affirmed the B corporate credit rating on CCC Information Services Inc.

The agency also said it assigned a B+ rating and 2 recovery rating to the company's $1.03 billion first-lien credit facility, consisting of a $100 million revolver due in 2022 and $925 million first-lien term loan B due in 2024.

The 2 recovery rating indicates 70% to 90% expected default recovery.

S&P also said it assigned a CCC+ rating and 6 recovery rating to the company's $375 million second-lien term loan due in 2025.

The 6 recovery rating indicates 0 to 10% expected default recovery.

The outlook is negative.

The negative outlook reflects the company's aggressive financial policy due to the acquisition with pro forma trailing 12-month leverage of mid-9x, up substantially from the low-5x range as of Dec. 31, 2016, S&P said.

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