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S&P cuts HUB facilities to B
S&P said it affirmed its B long-term corporate credit rating on HUB International Ltd. and affirmed the CCC+ debt rating on the company's $1.23 billion 7 7/8% senior notes due October 2021 with a 6 (5%) recovery rating.
The outlook is stable.
Concurrently, the agency lowered the rating on the company’s first-lien credit facilities (including a $250 million revolver and revised $2.61 billion first-lien term loan) to B from B+ and the recovery rating to 3 from 2, indicating an expectation of meaningful (65%) recovery in the event of a payment default.
“In our view, the increase in the first-lien debt credit facilities results in diminished recovery prospects,” S&P said in a news release.
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