S&P rates Terremark notes CCC

Standard & Poor's said it assigned Terremark Worldwide Inc.'s $75 million second-lien senior notes due 2013 a CCC issue-level rating and a 6 recovery rating. S&P also affirmed the B- corporate credit rating and B- issue rating on Terremark's $470 million senior secured notes.

The outlook is positive.

S&P said it expects Terremark to experience continued high growth in and expanding margins as it gains scale.

Total debt to last-12-months EBITDA was 7.6 times as of Sept. 30.

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