S&P puts Greenhill on positive watch

S&P said it placed all of its ratings on Greenhill & Co. Inc., including the BB- issuer credit rating and BB- issue-level rating on its debt, on CreditWatch with positive implications.

On May 22, Mizuho Financial Group, Inc. announced that it has entered into a definitive purchase agreement to acquire Greenhill in an all-stock transaction valued at about $550 million, including the assumption of Greenhill's debt.

“Once the transaction closes, we will resolve the CreditWatch placement, likely by raising the ratings by one or more notches, depending on our assessment of Greenhill's stand-alone creditworthiness and its strategic importance to Mizuho,” S&P said in a news release.

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