S&P gives 6 recovery rating to HUB notes

Standard & Poor's said it assigned a recovery rating of 6 to HUB International Ltd.'s $305 million of senior unsecured notes and $395 million of senior subordinated notes, indicating an expectation of negligible (0%-10%) recovery for lenders in the event of a payment default.

The CCC+ issue-level rating on the notes, the company's B counterparty credit rating and the B+ issue-level rating and 2 recovery rating assigned to its $625 million senior secured term loan B, $140 million senior secured delayed term loan and $100 million revolving credit facility are unchanged.

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