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S&P rates HUB notes CCC+
Standard & Poor's said it affirmed its B long-term counterparty credit rating on HUB International Ltd.
The agency also affirmed all related existing issue-level and recovery ratings on the company's debt.
The outlook is stable.
At the same time, S&P assigned its CCC+ rating with a 6 recovery rating to the planned $380 million holding company unsecured notes due 2019. The notes are issued by Hub Holdings LLC, a newly formed indirect parent of HUB International. The notes are co-issued by Hub Holdings Finance, a subsidiary of Hub Holdings.
"The affirmation reflects our belief that, although the proposed new issuance under private equity sponsor Hellman & Friedman results in weaker credit-protection measures, the company's sustained competitive position and improving earnings and cash-flow generating capabilities will enable it to carry this increased debt load and de-lever modestly during the next year," S&P credit analyst Julie Herman said in a news release.
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