S&P gives MSCI loan, notes BB+

Standard & Poor's said it affirmed its BB+ corporate credit rating on MSCI Inc.

The outlook is stable.

At the same time, the agency assigned a BB+ issue-level rating to MSCI's $800 million senior unsecured note due 2024 and $200 million unsecured revolving credit facility due 2019. The 3 recovery rating on these instruments indicate an expectation for meaningful recovery (50% to 70%) in the event of payment default.

S&P said it will withdraw its current issue-level and recovery rating on the company's existing term loans following the close of the transaction.

"The rating reflects MSCI's 'satisfactory' business risk profile based on the strong recurring revenue model, which provides good visibility and on its position as one of the market leaders in its industry, offset by the company's narrow market focus," S&P credit analyst Andrew Chang said in a news release.

"The rating also incorporates a ‘modest’ financial risk profile with good cash flow generation and credit metrics, including adjusted leverage near the mid-1x area."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.