S&P revises Focus Financial view to positive

S&P said it revised its outlook on Focus Financial Partners LLC to positive from stable.

At the same time, S&P affirmed its BB- issuer credit and secured debt ratings. The recovery rating on the debt issues remains 3, indicating an expectation for meaningful (50%) recovery in the event of a default.

“The positive outlook reflects our expectation that Focus' business will continue to strengthen and diversify while leverage continues to decline to close to or below 4x during the next 12 months as a result of higher cash flow generation, partially offset by further borrowing from the revolving credit facility to fund acquisitions,” S&P said in a news release.

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