S&P: Deltek loans at B, CCC+

Standard & Poor's said it assigned its B issue-level rating and 3 recovery rating to Deltek Inc.'s proposed $630 million first-lien credit facility (consisting of a $30 million revolver due 2017 and $600 million term loan due 2019). The issue rating is the same as the B corporate credit rating on Deltek.

The 3 recovery rating indicates an expectation for meaningful (50% to 70%) recovery for lenders in the event of a payment default.

S&P also assigned a CCC+ issue-level rating (two notches below the corporate credit rating) and 6 recovery rating to the company's proposed $280 million second-lien term loan due 2020. The 6 recovery rating indicates an expectation for negligible (0% to 10%) recovery for lenders in the event of a payment default.

S&P said its corporate credit rating and outlook on the company are unchanged by the proposed transaction and continue to reflect the company's "weak" business risk and "highly leveraged" financial risk profiles.

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