S&P rates HUB notes CCC+

Standard & Poor's said it affirmed the B long-term counterparty credit rating on HUB International Ltd.

The agency also said it affirmed all of the related issue-level and recovery ratings on the company's debt.

The outlook is stable.

S&P also said it assigned a CCC+ rating with a 6 recovery rating to its planned $300 million second-lien senior secured notes due 2021.

The 6 recovery rating indicates 0 to 10% expected default recovery.

The ratings reflect HUB's fair business risk profile and highly leveraged financial risk profile, S&P said.

Although the proposed new issuance results in weaker credit-protection measures, the agency said it believes HUB's sustained competitive position and improving revenue, earnings and cash-flow generating capabilities will enable it to support an increased debt load and de-lever modestly through next year.

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