S&P gives Hyperion facilities B

S&P said it affirmed the B long-term corporate credit rating on Hyperion Insurance Group Ltd. and assigned a B long-term corporate credit rating to HIG Finance 2 Ltd. and Hyperion Refinance Sarl.

The outlook is stable.

At the same time, the agency assigned B issue ratings to Hyperion's proposed $925 million senior secured term loan, €200 million senior secured term loan and £125 million revolver.

The recovery ratings are 4, indicating an expectation of average recovery (30%-50%; rounded estimate: 45%) in the event of a payment default.

S&P said it forecasts that Hyperion's strong organic and inorganic revenue and EBITDA growth in 2017 will be such that the company can accommodate the additional debt within the current rating level, albeit with limited rating headroom to issue additional incremental debt.

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