S&P gives Crawford loan BB-

Standard & Poor's said it assigned its BB- counterparty credit rating to Crawford & Co.

The outlook is stable.

At the same time, the agency said it assigned its BB- senior secured bank loan rating to Crawford's proposed $310 million senior secured credit facility consisting of a $235 million seven-year variable rate senior secured notes, a $75 million five-year variable rate revolving credit facility.

The counterparty credit and bank loan ratings on Crawford are based on the company's good competitive position in the third-party administrator market that will be further enhanced in the self-insured segment via the acquisition of Broadspire Services, according to S&P.

The agency noted that offsetting the company's improved competitive position and improved product and geographic diversification is the weaker pro forma financial profile of the company.

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