S&P affirms Focus Financial

S&P said it affirmed its B+ issuer credit rating on Focus Financial Partners LLC. The outlook remains stable.

The agency also affirmed the B+ issue rating on the company's first-lien credit facility and B- issue rating on its second-lien term loan. S&P revised the recovery rating on the first-lien facility to 4, indicating an expectation for modest recovery (45%) for debtholders in the event of payment default, from 3 (50%).

The recovery rating on the second-lien term loan remains at 6, indicating negligible (0%) recovery prospects.

The agency said the affirmation reflects that, despite the projected increase in debt following Focus' announcement of a $200 million add-on to its first-lien term loan, S&P continues to expect leverage will moderate in the next 12 months given the strong growth in cash flow generation year over year.

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