Moody’s assigns Ba3 to Grosvenor

Moody’s Investors Service said it assigned a Ba3 corporate family rating and a Ba3-PD probability of default rating to GCM Grosvenor Inc. Moody’s also assigned a Ba3 rating to senior secured credit facilities at Grosvenor Capital Management Holdings, LLLP.

“The Ba3 CFR reflects the firm’s strong and established position as an alternative investment solutions provider, moderate financial leverage and uneven organic AUM (assets under management) growth. The rating is also supported by the company’s high AUM retention rates and the scale and breadth of its alternative asset management platform,” Moody’s said in a press release.

Grosvenor’s amend and extend transaction will build on improvements in its balance sheet strength by stretching the maturities on the term loan and revolver each by three years, lowering its borrowing cost and reducing the outstanding term loan amount by $50 million to $290 million.

The outlook is positive for GCM Grosvenor Inc. and Grosvenor Capital. The positive outlook reflects an improvement in the investment performance of Grosvenor’s absolute return strategies and steady growth in private market strategies fee-paying, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.