S&P revises LPL view to stable

S&P said it revised its outlook on LPL Holdings Inc. to stable from negative.

“The outlook revision reflects LPL's improved performance and strong growth, which we believe will propel strong profitability and lower debt to EBITDA, as per LPL's debt covenant calculation, to about 2x. Pro forma for the new $400 million of senior unsecured notes being issued to term out the funding of the recently closed Waddell & Reed acquisition, covenant debt to EBITDA was 2.34x, up from 2.11x as of March 31,” the agency said in a press release.

The agency affirmed LPL’s BB+ issuer credit and senior secured debt ratings, as well as its BB senior unsecured rating.

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