Moody’s might up Focus Financial

Moody's Investors Service said it placed Focus Financial Partners, LLC's B1 corporate family rating under review for upgrade.

The agency affirmed the company's Ba3 first-lien credit facility rating.

Moody’s said the action follows the company’s announcement that it intends to use the proceeds from its pending IPO to pay off its existing second-lien term loan and pay down a portion of its existing first-lien term loan.

The company also expects to reprice its existing first-lien term loan.

"The potential debt paydown from the IPO is expected to be significant and will improve Focus' financial flexibility,” Moody's analyst Rokhaya Cissé said in a news release.

“This could result in a one notch upgrade of Focus' corporate family rating to Ba3."

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