S&P rates NFP notes B

S&P said it assigned its B rating to NFP Corp.'s $300 million of fixed-rate senior secured notes maturing 2025. The recovery ratings is 3, indicating an expectation for meaningful (55%) recovery of principal in the event of a default.

“We expect NFP to use proceeds to bolster liquidity amid heightened sector uncertainty from Covid-19-related business disruption. We believe NFP's revenue could decline in the second and third quarters of 2020 in connection with the economic downturn,” S&P said in a press release.

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