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Rating Action:

Moody's assigns first-time B2 CFR to EVERTEC, Inc.; outlook stable

13 Aug 2010

Approximately $400 million of debt rated

New York, August 13, 2010 -- Moody's Investors Service assigned to EVERTEC, Inc. a first-time Corporate Family Rating (CFR) of B2 and Probability of Default Rating of B2. Concurrently, Moody's assigned a Ba3 rating to EVERTEC's proposed $50 million senior secured revolving credit facility and $350 million senior secured term loan. The rating outlook is stable.

EVERTEC is the payment processing and merchant acquiring subsidiary of Popular, Inc. (the parent company of Banco Popular de Puerto Rico, the largest bank in Puerto Rico). On July 1, 2010, private equity firm, Apollo Management VII, L.P. (Apollo) signed an agreement to acquire 51% in EVERTEC. Popular, Inc. will retain 49% ownership interest. The ratings were assigned in connection with EVERTEC's proposed debt issuance, which will be used to finance a portion of the transaction. The assigned ratings are subject to review of final documentation and no material change in the terms and conditions of the transaction as advised to Moody's.

EVERTEC's B2 CFR reflects the company's high financial leverage, concentrated business profile, and small scale relative to larger and financially stronger transaction processors outside of Puerto Rico. The company is heavily reliant on Popular, Inc. and Puerto Rico's economy, which has remained in a prolonged recession since March 2006. While there have been some signs of economic stabilization, the commonwealth remains mired with high unemployment, low workforce participation, and high poverty levels as compared to the U.S.

At the same time, the B2 rating reflects the company's leading position in the electronic payment processing and merchant acquiring businesses in Puerto Rico, highly-scaleable ATH network platform, and a 15 year services agreement with Banco Popular whereby EVERTEC will serve as the exclusive transaction processor for the bank. The company's stable and recurring transaction-based revenue stream and solid free cash flow is also supported by multi-year contracts with merchants. The rating also considers the generally favorable macro environment for electronic payment processing industry as the secular shift from cash/checks to electronic payments continues as well as the potential for further growth in Latin America due to the company's scalable processing network.

The stable outlook is supported by our expectation that EVERTEC will generate low single digit revenue growth and steady cash flow over the next year and a half even if the economy in Puerto Rico remains stagnant due its entrenched position as the commonwealth's leading payment processor.

The following first-time ratings/assessments were assigned:

Corporate Family Rating -- B2

Probability of Default Rating -- B2

$50 million Senior Secured Revolving Credit Facility -- Ba3 (LGD-3, 30%)

$350 million Senior Secured Term Loan B -- Ba3 (LGD-3, 30%)

The principal methodology used in rating EVERTEC was Moody's Global Business and Consumer Service Industry, published in August 2007 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

Moody's subscribers can find additional information in the EVERTEC Credit Opinion published on www.moodys.com.

Based in San Juan, Puerto Rico, EVERTEC, Inc., with about $287 million of revenue for the twelve months ended June 30, 2010, is a provider of credit and debit card-based payment processing services for merchants in Latin America, as well as community banks, financial institutions and municipal governments.

New York
Stephen Sohn
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Andris G. Kalnins
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
USA

Moody's assigns first-time B2 CFR to EVERTEC, Inc.; outlook stable
No Related Data.
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