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S&P: AmWINS view to positive
Standard & Poor’s said it revised the outlook on AmWINS Group LLC to positive from stable.
The agency also said it affirmed all of the company’s credit and issue-level ratings, including its B long-term corporate credit rating.
S&P also said it revised the recovery rating on the company’s first-lien debt to 3 from 4. The 6 recovery rating on AmWINS’s second-lien debt is unchanged.
The outlook revision to positive reflects AmWINS’s continued strong earnings fundamentals and reduced private-equity ownership will result in an improving and less-volatile overall credit profile relative to peers, the agency said.
The revision of the recovery rating reflects a significantly improved enterprise valuation in a simulated default scenario due to the company’s substantial earnings growth, S&P said.
AmWINS’s credit profile benefits not only from continued earnings momentum, but also from the change in ownership structure that occurred this year.
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