Moody’s puts AssetMark on review

Moody’s Investors Service said it placed on review for upgrade the ratings of AssetMark Financial Holdings, Inc.

The ratings include the corporate family rating of B1 and the senior secured first-lien revolving credit facility and term loan ratings of B1.

Moody's said AssetMark's credit profile will improve should it successfully complete its initial public offering and use around $125 million of the proceeds to pay-down its term loan, as the firm has indicated it intends to do.

Upon completion of the proposed paydown, AssetMark's total debt would decline to $125 million from $250 million, and its December 2018 pro forma debt leverage would improve to around 1.6x compared with 3.0x before the paydown, Moody’s said.

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