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S&P rates AmWINS loan CCC+
Standard & Poor’s said it affirmed its B long-term counterparty credit rating on AmWINS Group LLC and also affirmed all related issue-level and recovery ratings on the company’s debt.
At the same time, S&P assigned a CCC+ rating with a 6 recovery rating to the planned $250 million second-lien term loan due September 2020. The outlook is stable.
“The affirmation reflects our belief that, although the proposed new issuance under private-equity sponsor New Mountain Capital LLC results in weaker credit-protection measures, the company’s sustained competitive position and improving earnings and cash-flow-generating capabilities will enable it to carry this increased debt load and de-lever modestly during the next year,” said S&P credit analyst Julie Herman in a news release.
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