Moody's: National Financial loans B1, notes Caa2

Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to National Financial Partners Corp.

Moody's also assigned B1 ratings to credit facilities and notes being issued by National Financial to help fund a leveraged buyout of the company sponsored by Madison Dearborn Partners. The proposed buyout, which gives National Financial an enterprise value of approximately $1.4 billion, is subject to shareholder approval and other customary conditions, and is expected to close within the next few weeks.

Additionally, the agency assigned a Caa2 rating to the company's $337 million senior unsecured notes issuance.

The outlook is stable.

Moody's said National Financial's ratings reflect its expertise and favorable market position in insurance brokerage, particularly providing employee benefit plans to mid-sized businesses.

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