Mill Point Capital entered into a definitive agreement to acquire AIS from Affinion Group Holdings. We are rating AIS 'B' and rating its first-lien credit facility 'B' with a '3' recovery rating. The stable outlook reflects our expectation that AIS will maintain leverage well below our downside trigger of 7x. On July 26, 2018, S&P Global Ratings assigned its 'B' long-term issuer credit rating to business services platform company, AIS HoldCo LLC (AIS). The outlook is stable. At the same time, we assigned a 'B' debt rating to the company's $25 million revolving credit facility due 2023 and its $315 million first-lien term loan due 2025. The recovery rating is '3', indicating our expectation for meaningful recovery (50%-70%; rounded estimate:
