S&P gives NFP notes B

S&P said it gave B issue and 3 recovery ratings to NFP Corp.’s planned $300 million of senior secured notes due August 2030. The 3 rating indicates an expectation for meaningful recovery (65%) in default.

“The ratings on NFP Holdings LLC, including our B long-term issuer credit rating and B first-lien credit facility debt ratings, are unaffected by the new senior secured notes issuance,” the agency said in a press release.

NFP plans to use the proceeds to fund acquisitions.

The outlook is stable.

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