S&P elevates Focus Financial

S&P said it raised its issuer credit rating on Focus Financial Partners LLC to BB- from B+.

S&P removed the rating from CreditWatch, where it was placed with positive implications on June 20. The outlook is stable.

At the same time, the agency raised its issue rating on the company's first-lien facility to BB- from B+ and removed it from CreditWatch positive.

S&P also withdrew the issue rating on the second-lien term loan, which prior to the debt repayment was at B-. The recovery rating on the company's first-lien facility is 3, indicating an expectation for meaningful (50%) recovery in the event of default.

“The upgrade follows the company's partial repayment of its first-lien term loan and full repayment of its second-lien term loan with proceeds raised from an IPO,” S&P said in a news release.

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