S&P rates Hub notes B

S&P said it assigned its B debt rating to Hub International Ltd.'s $2.675 billion senior secured notes due in 2030. The recovery rating is 3, indicating meaningful (50%) recovery of the principal in default.

“The ratings on Hub and its core subsidiaries–including our B long-term issuer credit rating, B first-lien credit facility debt ratings and B- unsecured debt rating–are unaffected by the new senior secured notes issuance,” S&P said in a statement.

Hub is expected to use the proceeds to refinance term loan debt.

The outlook is stable.

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