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S&P gives BB- to NewStar notes
Standard & Poor's said it assigned its BB- issue rating on NewStar Financial Inc.'s proposed $300 million senior unsecured notes due in 2020.
The BB- issuer credit rating was affirmed.
The outlook remains stable.
"NewStar's proposed debt issuance will increase the company's leverage, as measured by debt to adjusted total equity, only modestly from the 3.2x reported at year-end 2014, and provide it with increased funding to help capitalize on its recently formed relationship with GSO Capital Partners, the credit division of Blackstone, and Franklin Square Capital Partners, an alternative asset manager," S&P credit analyst Brendan Browne said in a news release.
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