Moody's rates USI Holdings loans B1

Moody's Investors Service said it assigned a B1 rating to the new senior secured credit facilities to be arranged by USI Holdings Corp. The outlook is stable.

Proceeds will be used to refinance all outstanding amounts under the company's existing credit facilities and for general corporate purposes.

The company currently has a $210 million senior secured term loan due 2008 and a $30 million senior secured revolving credit due 2007. The purpose of the refinancing is to increase the total amount of the facilities, enhance financial and operating flexibility and extend maturities, the agency said.

Moody's said the rating reflects the company's expertise in serving small and mid-sized businesses, its strategic focus on cross-selling to strengthen client relationships and its stable operating margins.

These strengths are partly offset by the company's modest size relative to the largest global brokers and by the integration risk associated with its acquisition strategy, the agency said.

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