S&P rates NorthStar loan B+

S&P said it affirmed its ratings, including the B issuer credit rating, on NorthStar Group Services Inc.

S&P also assigned a B+ issue-level rating and 2 recovery rating to the proposed secured term loan.

The outlook is stable.

NorthStar is launching a $100 million asset-based revolving credit facility due 2029 (not rated) and a $740 million senior secured term loan due 2030.

The company had previously attempted to launch a similar issuance in November 2023.

“The stable outlook reflects our view that NorthStar will continue to generate solid profitability from its mix of infrastructure and environmental projects and will keep its credit measures at appropriate levels for the current ratings,” S&P said in a news release.

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