Fitch gives Navacord loans BB, BB-, notes CCC+

Fitch Ratings said it rated Navacord Corp.’s C$100 million super-senior revolving credit facility BB/RR1, first-lien Canadian dollar term loans BB-/RR2, and second-lien term loans CCC+/RR6. Fitch also assigned ratings of CCC+/RR6 to its new U.S. dollar-denominated senior unsecured notes issuance.

The agency also published a B long-term issuer default rating for Navacord and its wholly owned borrower subsidiary, Jones DesLauriers Insurance Management Inc.

“Navacord's B IDR is reflective of the company's strong organic growth and EBITDA margins as well as solid position as a market leader in the Canadian brokerage market, offset by an aggressive financial policy and Fitch's expectation that leverage will remain elevated in the next few years,” the agency said in a press release.

The outlook is stable.

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