S&P affirms Amynta on add-on

S&P said it affirmed Amynta Holdings LLC's B- issuer credit rating, B- debt rating on its first-lien credit facility and CCC debt rating on its second-lien credit facility.

The outlook is stable.

Amynta is completing a $125 million fungible incremental add-on to its first-lien credit facility to support acquisition opportunities in the managing general agent and warranty administration spaces, the agency said.

The stable outlook reflects an expectation that Amynta will improve its EBITDA margins and maintain its other credit metrics while expanding the business organically and inorganically, S&P said.

While Amynta's carrier and product diversification continue to improve from organic and inorganic growth, the agency said the company's business risk assessment remains weak due to its limited scale and differentiation from peers in a highly competitive and fragmented market.

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