S&P rates Global Tel*Link

Standard & Poor's said it assigned its B corporate credit rating to Global Tel*Link Corp. (GTL) and its B rating and 2 recovery rating to the company's $75 million, first-lien senior secured bank facility, which consists of a $12.5 million revolving credit facility due 2010, a $7.5 million funded letter of credit facility due 2011 and a $55 million term loan due 2011.

The agency said it also assigned its CCC+ rating and 5 recovery rating to the company's $22.5 million second-lien senior secured term loan due 2012. The outlook is stable.

The ratings on GTL reflect its small cash flow base, narrow focus within a competitive and evolving marketplace, potential challenges with the integration and retention of AT&T National Public Market's customer base and limited liquidity, S&P said.

These partly are offset by a largely recurring revenue base, which is supported by long-term customer contracts and a diverse customer base, the agency noted.

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