S&P affirms AmWINS

Standard & Poor's said it affirmed the B- counterparty credit rating on AmWINS Group Inc., along with the B- rating on the first-lien senior secured and CCC rating on the second-lien senior secured debt ratings.

The outlook remains stable.

The affirmation follows news that AmWINS will merge with Colemont Insurance Brokers, S&P said.

The transaction is large from a revenue and earnings perspective, but AmWINS' debt burden will increase by a modest $37 million, which is less than 10% of total debt, the agency said.

If the merger is executed successfully, AmWINS' leverage profile should improve modestly in 2010, with Colemont's earnings offsetting the increased debt burden, S&P said.

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