S&P assigns AssuredPartners notes CCC+

S&P said it assigned its CCC+ debt rating to AssuredPartners Inc.’s proposed $500 million of senior unsecured notes due 2028. The agency also set a 6 recovery rating, indicating an expectation of negligible recovery (0%) in default.

“Additionally, we rate AssuredPartners’ senior notes due 2025 and 2027 CCC+ with a recovery rating of 6 (0%),” S&P said in a press release.

The agency said it expects AssuredPartners to use most of the proceeds to fund closed acquisitions and acquisitions currently under a letter of intent. The company will use the remaining proceeds to add cash to its balance sheet for future acquisitions and pay related fees and expenses.

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