S&P puts Cetera on positive watch

Standard & Poor's said it placed its B issuer credit rating on Cetera Financial Group Inc. on CreditWatch with positive implications.

S&P also placed its B issue ratings on the company's proposed $210 million senior secured first-lien term loan and $25 million revolving credit facility on CreditWatch positive.

The CreditWatch action follows Cetera's revision of its proposed capital structure. The company is lowering its proposed funded debt by $55 million to $210 million and is reducing its dividend to shareholders to $80 million.

"We believe that this revision will strengthen credit metrics to a level that is in line with a 'B+' issuer credit rating," S&P credit analyst Olga Roman said in a news release.

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