Moody’s rates Hub notes B2, Caa2

Moody's Investors Service said it assigned a B2 rating to $650 million of seven-year senior secured notes, and a Caa2 rating to $550 million of eight-year senior unsecured notes being issued by Hub International Ltd.

On Monday, the agency affirmed the B2 ratings on Hub's senior secured credit facilities and the Caa2 rating on its senior unsecured notes.

Hub will use proceeds, together with proceeds of a previously announced offering, plus cash on hand to fund a large dividend to shareholders, make acquisitions and pay related fees and expenses.

The outlook is unchanged at stable.

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