S&P lowers AmWINS, rates loans B-, CCC

Standard & Poor's said it lowered its counterparty credit rating on AmWINS Group Inc. to B- from B as a result of the company's proposed $435 million refinancing.

At the same time, S&P said it lowered its senior secured debt rating to B- from B on AmWINS's first-lien term loan and its subordinated debt rating to CCC from CCC+ on the company's second-lien term loan.

The agency said it also assigned its B- senior secured debt rating to AmWINS's proposed $335 million senior credit facility, which consists of a six-year $285 million first-lien term loan and a five-year $50 million revolving credit line, and assigned its CCC subordinated debt rating to the company's proposed seven-year $100 million second-lien term loan.

The outlook is stable.

The agency said that the ratings actions are in response to a shift in the company's financing plans of redeeming a proportional amount of debt from the proceeds of its planned IPO to raising a material amount of additional debt while delaying an IPO.

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