S&P gives StepStone BB

S&P said it assigned its BB issuer credit rating to StepStone Group LP.

The outlook is stable.

The agency said the rating on StepStone primarily reflects the company's good, albeit relatively short track-record, concentration in private-equity strategies, visible cash-flow stream derived from sizeable locked-in commitments and relatively small scale compared with other asset managers.

S&P said the ratings also incorporate an expectation that leverage, measured by debt to adjusted EBITDA, will be 3.0x-3.5x in the next 12 months.

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