Moody's assigns B2 to BetaNXT, loans

Moody's Investors Service said it assigned B2 ratings to BetaNXT, Inc. and its planned first-lien revolver and first-lien term loan. The outlook is stable.

“BetaNXT's credit profile benefits from a strong niche position in a growing wealth management vended self-clearing market segment, constructive wealth management industry trends with share gains by its independent broker-dealer customers, ingrained long-standing customer positions, and opportunities to expand customer relationships.

“The credit profile is constrained by limited business scale, high concentration of both product portfolio and customer base, and high capital intensity and investments required to support growth,” Moody’s said in a press release.

The agency said it expects BetaNXT to deliver organic growth and stable profitability with adjusted total leverage hovering around 5x over the next 12-18 months.

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