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S&P rates Victory Capital loans BB-
S&P said it assigned a BB- rating and recovery rating of 4 to Victory Capital Holdings Inc.'s proposed secured first-lien term loan and security revolving facility.
The recovery rating of 4 indicates 40% expected default recovery.
As a result of the proposed debt issuance, the agency said it lowered the issuer credit rating on Victory to BB- from BB.
S&P said it removed the rating from CreditWatch, where it was placed with negative implications in September 2018.
Victory intends to fund its acquisition of USAA Asset Management through a $1.13 billion term loan, the agency said.
The stable outlook reflects an expectation that Victory will successfully integrate USAA Asset and its leverage will decline, S&P said.
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