S&P rates GreenSky, facility B+

S&P said it assigned its B+ corporate credit rating to GreenSky Holdings LLC. The outlook is stable.

At the same time, the agency assigned its B+ issue-level rating to the company's proposed $450 million first-lien credit facility, which consists of a $350 million first-lien term loan due 2024 and a $100 million revolving credit facility due in 2022.

The 3 recovery rating indicates an expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.

GreenSky is refinancing its existing credit facility that closed in August, when the company paid a one-time distribution to equity holders.

S&P said the rating on GreenSky reflects its small scale, concentrated bank partner base and limited financial-policy track record, but is supported by its high EBITDA margins and quickly growing market position.

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