Moody’s gives Ba3 to StepStone, loan

Moody's Investors Service said it assigned a Ba3 corporate family rating to StepStone Group LP and a Ba3 rating to its $150 million senior secured term loan B due 2025.

Net proceeds will be used to repay $12 million of outstanding debt, fund future general partner (GP) commitments, refinance existing GP commitments, facilitate an equity redistribution and fund the acquisition of Courtland Partners.

The outlook is stable.

Moody’s said the Ba3 corporate family rating reflects StepStone's established position as a private markets intermediary with a global footprint. The company exhibits a strong client-focused management philosophy, highly selective investment process, and good oversight of investments from inception to realization, the agency noted.

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