S&P rates Focus Financial loans B+, B-

S&P said it assigned a B+ rating on Focus Financial Partners LLC.

The agency also said it assigned a B+ rating on the company's proposed first-lien credit facility consisting of a $755 million first-lien term loan and $250 million secured revolving credit facility.

S&P also said it assigned a B- rating on the proposed $207 million second-lien term loan.

The recovery rating on the first-lien facility is 3, indicating 50% expected default recovery. The recovery rating on the second-lien term loan is 6, indicating no expected recovery in a default.

The outlook is stable.

Focus is a partnership of independent fiduciary firms that offer wealth management services primarily in the United States through the registered investment advisor (RIA) channel, S&P said.

The company offers multiple services to its partner firms, including marketing and business development, legal and compliance, talent management, operational and technological enhancement and succession planning, the agency said.

The company's partner firms are able to retain their style and culture while offering independent investment services to their clients, including strategies in active, passive and manager-of-managers solutions, S&P said.

The company has a short track record in the market, the agency said, but has been able to add substantial revenue growth over the past 11 years.

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