S&P lifts AmWINS

S&P said it raised the long-term corporate credit rating on core subsidiary AmWINS Group LLC to B+ from B and assigned a B+ long-term corporate credit rating to holding company, AmWINS Group Inc.

The outlook is stable.

The agency also said it affirmed the 3 recovery rating on AmWINS's first-lien debt and 6 recovery rating on the company's second-lien debt, resulting in an upgrade of its first-lien senior secured debt rating to B+ from B and second-lien senior secured debt rating to B- from CCC+.

The outlook change reflects a view that AmWINS's continued strong earnings fundamentals and reduced private-equity ownership have resulted in an improving and less-volatile overall credit profile relative to peers, S&P said.

AmWINS's business risk profile reflects its dominant market position as the largest U.S. wholesale broker by revenue, diversified business segments and extensive broker and carrier relationships, the agency said.

The company also continues to demonstrate favorable performance, S&P said.

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