S&P rates AmWINS loan B

Standard & Poor's said it affirmed its B counterparty credit rating on AmWINS Group LLC.

The outlook is stable.

At the same time, S&P assigned its B issue-level rating and a 4 recovery rating to the company's planned $715 million first-lien term loan due September 2019.

The agency also revised its recovery rating on AmWINS' existing $75 million first-lien revolving credit facility due 2017 to 4.

"The rating affirmation reflects our expectation that AmWINS' leverage profile will remain relatively unchanged following the proposed transaction since the company is using proceeds from the proposed issuance to refinance its $693 million in existing first- and second-lien debt, with the remaining $23 million to be used for original issue discount, transaction fees, and a call premium on existing debt," S&P credit analyst Julie Herman said in a news release.

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