S&P rates C.G. JCF, loan B+

Standard & Poor's said it assigned its B+ counterparty credit rating to C.G. JCF Corp., the intermediate holding company of the Crump Group Inc.

The outlook is stable.

At the same time, S&P said it assigned its B+ senior secured bank loan rating to C.G. JCF's proposed $555 million of senior secured credit facilities, which consist of a $515 million seven-year first-lien senior secured loan and a $40 million six-year revolver.

The agency said that the ratings actions are in response to the company's plans to leverage its balance sheet following the plans of the private equity sponsor, JC Flowers & Co. LLC, to acquire the Bisys Group Inc.'s wholesale life, commercial property/casualty brokerage and retirement services divisions from Citigroup Inc. for $719.9 million.

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