Moody's rates Hub notes Caa2

Moody's Investors Service said it assigned a Caa2 rating to $730 million of six-year senior unsecured notes being offered by Hub International Ltd.

The agency also affirmed Hub's existing ratings with a stable outlook.

"The refinancing is credit positive, as the company completes the extension of maturity dates on all major borrowings, and moderately reduces its yearly interest expense," Moody's lead analyst for Hub Bruce Ballentine said in a news release.

Earlier this year, Hub amended and extended its senior secured credit facilities, the agency said.

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