S&P stabilizes Russell Investments view

S&P said it revised its outlook for Russell Investments Cayman Midco Ltd. to stable from negative and affirmed its BB- issuer and first-lien term loan ratings.

“The outlook revision is based on our expectation that Russell will operate with leverage of 4x-5x over the next 12 months. The company issued a $275 million incremental term loan in April 2021 to fund a $403 million distribution to its sponsors. As a result, leverage increased in 2021, though earnings growth exceeded our expectations and ultimately supported the higher debt level. We do not expect the company to issue dividends in the next 12 months,” S&P said in a press release.

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