S&P puts NXT Capital on positive watch

S&P said it placed its BB- issuer credit rating on NXT Capital Inc. on CreditWatch with positive implications.

At the same time, S&P also placed the BB- issue ratings on the company's senior secured term loan B on CreditWatch with positive implications.

“The CreditWatch positive reflects our expectation of incremental group support from ORIX Corp. (A-/stable/--), as well as our expectation that NXT Capital Inc. will continue to operate with the same business framework,” S&P said in a news release.

Under the definitive agreement, ORIX Corp. USA, the U.S. and Latin America business hub for ORIX Corp., will acquire NXT Capital Inc. and its operating subsidiary, NXT Capital LLC. S&P said it expects the transaction to close in August, subject to customary closing conditions and regulatory approvals.

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