S&P rates NFP notes B

S&P said it assigned B issue-level and 3 recovery ratings to NFP Corp.’s planned $300 million of senior secured notes due Aug. 31, 2031. The 3 recovery rating indicates meaningful recovery (60%) in the event of payment default.

“The ratings on NFP Holdings LLC, including our B long-term issuer credit rating and B debt ratings on the first-lien credit facilities, are unaffected by the proposed senior secured notes issuance,” S&P said in a statement.

The proceeds will be used to fund acquisitions through the first quarter of 2024.

The outlook is stable.

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