S&P rates HMSC loans B+, B-

Standard & Poor's said it assigned its B+ counterparty credit rating to HMSC Corp. and its B+ senior secured debt rating to HMSC's $210 million senior credit facility, which consists of a $190 million first-lien term loan and a $20 million revolving credit line.

At the same time, S&P assigned its B- senior secured subordinated debt rating to the company's $70 million second lien term loan.

The outlook is stable.

HMSC is the intermediate holding company of Swett & Crawford Group Inc., the nation's largest wholesale insurance broker. The ratings reflect the company's highly leveraged capital structure, limited financial flexibility and low-quality balance sheet due to the large amount of intangibles. Partially offsetting these negative factors are Swett &Crawford's strong competitive position as the number one wholesale insurance broker in the country, and a seasoned management team that has historically delivered a very strong operating performance.

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