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S&P rates INTL FCStone notes BB-
S&P said it assigned its BB- rating to INTL FCStone Inc.’s new $350 million of senior secured second-lien notes.
“We rated the new senior secured second-lien notes BB-, in line with the issuer credit rating, to reflect that the level of priority debt from the firm’s term and revolving credit facilities is not excessive, and we expect the amount of second-lien debt to not exceed the amount of holding company assets available to the second-lien debtholders,” S&P said in a press release.
At the same time, S&P affirmed the BB- issuer rating. The outlook remains stable.
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