S&P: NewStar on positive watch

S&P said it placed its ratings on NewStar Financial Inc., including its BB- issuer credit rating, on CreditWatch with positive implications.

“The CreditWatch positive reflects the announced agreement for NewStar to be acquired by a higher rated entity, First Eagle, and expected payoff of its senior unsecured and subordinated notes,” the agency said in a news release.

“We will likely resolve the CreditWatch listing following the go-shop period and the close of a transaction, and upon receiving additional information regarding the eventual acquirer's intentions to operate NewStar following the proposed acquisition.”

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