S&P puts Open Solutions on watch

Standard & Poor's said it placed its B+ corporate credit rating and its senior secured ratings on Open Solutions Inc. on CreditWatch with negative implications.

The agency said that the CreditWatch listing follows the announcement that the company has agreed to be acquired by private equity firms The Carlyle Group LLC and Providence Equity Partners Inc.

The deal is expected to be financed through a combination of equity contributed by the private equity firms and debt financing provided by group of banks, S&P noted, adding that the transaction is expected to be completed in the first quarter of 2007 and is subject to approval by Open Solutions' shareholders and regulatory clearances.

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