BANGALORE (Thomson Financial) - Moody's Investors Service said it has withdrawn its 'B1' rating on Billing Services Group North America Inc's (BSG) proposed 15 mln usd senior secured revolver, following a change in the nature and amount of the company's refinancing.

The ratings agency, however, affirmed the 'B1' rating on the company's 112.5 mln usd senior secured term loan due 2014, with a stable outlook.

On June 29, Moody's had assigned a 'B1' first lien debt rating to BSG's proposed 127.5 mln usd credit facility, expected to comprise a 112.5 mln usd term loan and a 15 mln usd revolver.

The credit facility executed on Dec 19 contained only a 112.5 mln usd term loan.

Moody's also withdrew the ratings on BSG's former credit facility that was repaid as part of the refinancing and completion of the sale of its European wireless business to Syniverse Technologies Inc.

The ratings agency said it expects BSG to maintain a minimum cash balance of 15 mln usd and projects cash flow from operations over the next four quarters to exceed capital expenditures, dividends and required term loan amortization.

BSG provides clearing, settlement, payment and financial risk management solutions to communication service providers in the US. TFN.newsdesk@thomson.com kal/man

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