S&P rates P&I Personal loan B

S&P said it assigned its B long-term issuer credit rating to P&ISWBidCo GmbH, the indirect parent of P&I Personal & Informatik AG (P&I), a German provider of payroll and HR-related software and services.

The outlook is stable.

S&P said it assigned its B long-term issue rating to P&ISWBidCo's proposed €380 million first-lien debt, consisting of a €355 million term loan and a €25 million revolving credit facility. The recovery rating on this debt is 3, indicating an expectation of approximately 50% recovery for creditors in the event of a payment default.

“The rating reflects P&I's focus on the niche market for payroll and HR software in Germany, Switzerland and Austria, paired with our expectation that the company will maintain high leverage under the control of its financial sponsor owners,” S&P said in a news release.

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