S&P might lower Genex

S&P said it placed all of its ratings, including its B long-term issuer credit ratings, on Genex Holdings Inc. and Gem Acquisition Inc. on CreditWatch with negative implications.

The agency said the CreditWatch placement follows Genex's announcement that it has reached a definitive agreement with Stone Point Capital that will give funds managed by the private equity firm a majority stake in the company.

Stone Point was the previous majority owner of Genex until 2014 when it sold it to existing owner Apax Partners. Terms of the transaction were not disclosed.

“We will monitor developments related to this transaction and expect to resolve the CreditWatch listing shortly following a review of the new financial sponsor's operating plans and financial policy objectives, as well as Genex's new capital structure,” S&P said in a news release.

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