BOSTON (S&P Global Ratings) Jan. 29, 2025--S&P Global Ratings today affirmed its 'B-' issue-level rating on Ascensus Group Holdings Inc.'s revolving credit facility and first-lien term loan, the latter of which it is upsizing by $525 million (to $2.925 billion, $2.816 billion outstanding) to fund a dividend to its shareholders. The '3' recovery rating is unchanged, indicating our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. Our 'B-' issuer credit rating and stable outlook on the company are also unchanged. The recovery prospects for Ascensus' first-lien lenders are unchanged in our hypothetical default scenario, despite the increase in its first-lien debt claims, because we raised our gross default valuation. The higher valuation reflects
