S&P gives Extensity, loan B

Standard & Poor's said it assigned its B corporate credit rating to Extensity Sarl.

At the same time, S&P said it also assigned its B senior secured debt rating to the company's proposed $410 million in first-lien credit facilities and the recovery rating is 3.

The facilities consist of a $50 million revolving credit and a $360 million first priority term loan. The outlook is positive, S&P said.

The agency noted the ratings reflect Extensity's narrow business profile, high leverage and aggressive cost cutting objectives, partly offset by stable and recurring revenues from the company's legacy financial applications.

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