S&P RAISES BSG N AMER SR SCD TERM LOAN RTG TO 'BB'

(The following statement was released by the rating agency.)

-- U.S. wireline billing, financial settlement, and information services
company BSG has reduced its debt substantially since its December 2007
recapitalization.

-- We are raising our issue-level rating on Billing Services Group North
America's senior secured term loan to 'BB' from 'B+' and revised the recovery
rating on the debt to '1' from '3'.

-- We are also affirming our 'B+' corporate credit rating on parent BSG.

-- The stable outlook reflects our expectation for consistent operating
margins and positive free operating cash flow generation, despite BSG's
limited revenue growth prospects and potential continued decline in wireline
transactions.

Sept 9 - Standard & Poor's Ratings Services said today it raised its
issue-level rating on Billing Services Group North America Inc.'s senior
secured term loan to 'BB' from 'B+'. We also revised our recovery rating on the
loan to '1' from '3'. The '1' recovery rating indicates our expectation for
very high (90%-100%) recovery in the event of payment default.
At the same time, we affirmed our 'B+' corporate credit rating on San
Antonio-based parent Billing Services Group Ltd. (BSG). The outlook is stable.
Total debt outstanding as of June 30, 2010 was approximately $74.5 million.
"The issue-level and recovery rating changes reflect our revised expectation
for recovery in the event of default, primarily resulting from company's
substantial debt reduction since its December 2007 recapitalization," said
Standard & Poor's credit analyst Allyn Arden. (For the complete recovery
analysis, see the recovery report for BSG, to be published separately on
RatingsDirect.)
Related Criteria And Research

-- Standard & Poor's Encyclopedia Of Analytical Adjustments For Corporate
Entities, July 9, 2007

-- Key Credit Factors: Business And Financial Risks In The Global
Telecommunication, Cable, And Satellite Broadcast Industry, Jan. 27, 2009

-- Criteria Methodology: Business Risk/Financial Risk Matrix Expanded,
May 27, 2009

-- Issuer Ranking: U.S. Telecom Companies, Strongest To Weakest, July 8,
2010

Complete ratings information is available to RatingsDirect subscribers on
the Global Credit Portal at www.globalcreditportal.com and RatingsDirect
subscribers at www.ratingsdirect.com. All ratings affected by this rating
action can be found on Standard & Poor's public Web site at
www.standardandpoors.com. Use the Ratings search box located in the left
column.
Primary Credit Analyst: Allyn Arden, CFA, New York (1) 212-438-7832;

allyn_arden@standardandpoors.com
(New York Ratings team)
(email: Edith.honan@thomsonreuters.com; Reuters messaging:
edith.honan.thomsonreuters.net; Tel: +1-646-223-6323))