S&P raises Confie Seguros loans to B & CCC+

Standard & Poor's said it upgraded its long-term corporate credit rating on Confie Seguros Holding II Co. to B from B-.

The agency also raised its debt ratings on the company's first-lien term loan B facility maturing November 2018 to B from B- and upgraded its senior secured second-lien term loan facility maturing May 2019 to CCC+ from CCC.

S&P assigned a recovery rating of 3, representing recovery expectations of between 50%-70% on the total first-lien secured credit facilities. Concurrently, the agency assigned a recovery rating of 6 to the second-lien secured term loan facility, which provides potential debt holders a negligible recovery of between 0% and 10% in a default scenario.

"The upgrade of Confie Seguros reflects our view of its fundamental improvement to its business risk profile following the transformation and scale gained from its fold-in and platform acquisitions, geographic and revenue diversification, and improved personal-line insurance services platform," S&P credit analyst Marc Cohen said in a news release.

"The rating also reflects its highly leveraged and weak financial flexibility with respect to its adjusted fixed-charge and interest coverage ratios."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.