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S&P ups Skillsoft Corp's credit facility rating to BB+

Nov 04, 2009 (M2 EQUITYBITES via COMTEX) --

Company: SkillSoft PLC (SKIL)

2 November 2009 - S&P on Friday raised by one notch to BB+ the issue-level rating on Skillsoft Corp's USD225m (EUR152.3m) senior secured credit facility.

The rating comes two steps above the BBAcaeaEURoe corporate credit rating on parent company, US e-learning solutions provider Skillsoft Plc (NASDAQ:SKIL), which remains intact.

The rating service also revised the recovery rating on the facility to 1 from 2 to reflect its expectation of very high (90% to 100%) recovery in a payment default.

The upgrade follows significant prepayments of principal on the term loan in the third quarter of 2009 as well as the company's solid performance amid the economic downturn.

Skillsoft prepaid some USD75m of its term loan in 2008, and has repaid an additional USD30m year to date. As of 31 July 2009, the company had only about USD95m of its original USD200m term loan outstanding. 

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Company: SkillSoft PLC (SKIL)


Related terms: corporate, credit rating, nasdaq, S&P

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