S&P: U.S. Security loan B

Standard & Poor's said the ratings on U.S. Security Associates Holdings Inc.'s first-lien term loan B due 2017 remain unchanged following a $40 million add-on to the loan, bringing the aggregate dollar amount to $345 million.

The rating on the loan remains at B and the recovery rating remains at 3, indicating 50% to 70% expected recovery in a default.

The corporate credit rating on the company is B and the outlook is stable.

The ratings reflect the company's position as a relatively small player in the highly competitive contract security officer industry, S&P said.

The ratings also consider the company's high leverage, which increased to the high-5x area from about 3.0x following its recent leveraged buyout transaction, the agency said.

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