S&P affirms AssetMark

S&P said it affirmed AssetMark Financial Holdings Inc.’s BB+ ratings after the company’s IPO.

The company plans to use about $125 million of the proceeds to repay debt, cutting its leverage.

The outlook for the company remains stable, reflecting S&P’s view that AssetMark will continue growing at a modest pace in 2019 and 2020.

The agency also affirmed the BB+ rating on AssetMark’s first-lien term loan.

The recovery rating remains at 3, meaning an expectation of a meaningful recovery in case of default.

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