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S&P rates Greystone B-, loan B+
S&P said it assigned a B- rating to Greystone Select Financial LLC and a B+ with a 1 recovery rating to its planned $400 million term loan.
“Our ratings on Greystone reflect the company's high leverage (on a deconsolidated basis), reliance on external funding facilities, modest market position, and rapid growth in a fragmented multifamily mortgage industry,” S&P said in a press release.
The outlook is stable. “Our stable outlook reflects our expectation that, over the next 12 months, Greystone will operate with debt to adjusted EBITDA well above 5x, debt to tangible equity above 2.5x and EBITDA coverage of interest above 1.5x (all on a deconsolidated basis from its investment fund),” S&P said.
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