S&P Global Ratings on Aug. 3 assigned Shutterfly Inc. a corporate credit rating of BB-.

The rating agency also assigned its BB+ issue-level rating to the company's proposed $500 million secured credit facility. The company's outlook is stable.

The rating reflects, among other things, Shutterfly's good profitability with high-teen EBITDA margins percentage, conservative financial policy and the company's brand recognition and good market position in premium photo products and services, the rating agency said. The rating also reflects S&P's expectation that the company will be able to successfully consolidate some of its smaller brands and "achieve low- to mid-single-digit percentage revenue and EBITDA growth in 2018."

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.