TEXT-S&P rates Verisk notes 'BBB-'
Sept 5 - Standard & Poor's Ratings Services said today it assigned its 'BBB-' issue-level rating to Verisk Analytics Inc.'s proposed $250 million senior unsecured notes due 2022. The company intends to use the entirety of the proceeds from the proposed notes to repay a portion of its outstanding revolver borrowings ($500 million at Aug. 31, 2012). We rate the new notes the same as the company's corporate credit rating. The corporate credit rating and outlook are unaffected by the transaction, as credit metrics are unchanged by the debt for debt swap. Verisk's ratings reflect its "satisfactory" business risk profile, which encompasses its leading market share for data and analytics tools for the Property & Casualty (P&C) insurance industry and a large recurring revenue base with high customer retention, and its "intermediate" financial risk profile, illustrated by robust cash flow characteristics. An acquisitive growth and diversification strategy, significant share repurchases, and limited geographic diversity are partly offsetting ratings considerations. RELATED CRITERIA AND RESEARCH -- Industry Economic Outlook: Despite Economic Headwinds, Global Technology Shows Balanced Ratings Trend, July 9, 2012 -- Issuer Ranking: Global Technology Ratings, Strongest To Weakest, June 29, 2012 -- Performance For U.S. Semiconductor Equipment Makers Has Been Volatile, But Ratings Remain Stable, June 11, 2012 -- Top 10 Investor Questions: How Will The Global Technology Industry Fare Amid An Economy In Flux?, April 26, 2012 -- Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011 -- Key Credit Factors: Methodology And Assumptions On Risks In The Global High Technology Industry, Oct. 15, 2009 -- Criteria Methodology: Business Risk/Financial Risk Matrix Expanded, May 27, 2009 -- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008 RATINGS LIST Verisk Analytics Inc. Corporate Credit Rating BBB-/Stable/-- New Ratings Verisk Analytics Inc. Senior Unsecured $250 mil nts due 2022 BBB- Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.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.
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