S&P puts StepStone on positive watch

S&P said it placed StepStone Group LP’s BB issuer credit and debt ratings on CreditWatch with positive implications.

StepStone plans launch an IPO and use the proceeds along with cash on hand to fully repay its term loan, fund general partner commitments and for general corporate purposes.

“We think any upside rating changes will be capped at below investment grade. Although, the company generates strong free-cash flow, in our opinion, StepStone is likely to releverage the balance sheet over the next several years,” S&P said in a press release.

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