Moody’s rates NFP notes B2

Moody's Investors Service said it affirmed the B3 corporate family rating and B3-PD probability of default rating of NFP Corp. following the company's announcement that it has issued new senior secured notes totaling $305 million.

The notes are secured on a pari passu basis with debt incurred under NFP's 2017 senior secured credit facilities.

The agency also assigned a B2 rating to the new notes and affirmed NFP's senior secured credit facility ratings at B2 and its senior unsecured note rating at Caa2.

The outlook is stable.

“NFP's ratings reflect its expertise and solid market position in insurance brokerage, particularly providing employee benefits and property & casualty (P&C) products and services to mid-sized firms,” the agency said in a news release.

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