S&P rates Focus BB-

S&P said it assigned its BB- issuer credit rating to Focus Financial Partners Inc.

The issue rating on the first-lien term loan and revolving credit facility issued by Focus Financial Partners LLC, a subsidiary of Focus Financial Partners Inc., remains BB-. The recovery rating on the first-lien facility remains 3, reflecting an expectation for meaningful (50%) recovery in default.

“Given the strong linkage between the companies, we view Focus Financial Partners LLC as core to Focus Financial Partners Inc. In our assessment we take into account that the operating entities are under Focus Financial Partners LLC and that is closely linked to the firm's reputation, among other factors,” S&P said in a press release.

The outlook is stable. The outlook indicates expectations the company will operate with leverage, as calculated by S&P Global Ratings, of 4x-5x during the next 12 months and post a double-digit percent increase in revenues as a result of acquisitions completed during 2020 and continued growth of the Focus partnership.

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