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S&P lifts KCG notes to BB-
Standard & Poor’s said it raised the issue rating on KCG Holdings Inc.’s $305 million senior secured second-lien notes due 2018 by one notch to BB- from B+.
The agency said it published its revised nonbank financial institutions rating methodology and revised issue rating methodology for nonbank institutions and nonbank financial services companies.
S&P also said it affirmed KCG’s BB- issuer credit rating.
The outlook is stable.
In April 2014, KCG repaid its entire $535 million first-lien senior secured term loan, which it issued at the time of the Knight and Getco merger, less than one year after the close of the merger in July 2013.
The agency said it believes KCG’s management does not plan to raise additional debt that will rank ahead of the second-lien notes.
Additionally, there is no revolver at the holding-company level that ranks as priority debt, S&P said.
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