S&P changes Russell to stable

S&P said it revised its outlook on Russell Investments Cayman Midco Ltd. to stable from negative and affirmed the BB issuer credit rating.

At the same time, the agency affirmed the BB issue rating on the company's first-lien credit facility. The recovery rating remains 3, indicating an expectation for meaningful (50%) recovery in the event of default.

S&P said the outlook revision reflects the company's decrease in leverage during 2017, mainly because of the increase in EBITDA.

“Despite the issuance of a $200 million add-on to its term loan during the first quarter of 2017, Russell managed to lower leverage to around 4.4x, compared with about 5x a year before,” the agency said in a news release.

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