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S&P gives RJO B, loans BB-, B, CCC+
Standard & Poor's said it assigned its B long-term counterparty credit rating to RJO Holdings Corp.
The outlook is stable.
The agency said it also rated RJO's $50 million revolving credit facility BB- with a recovery rating of 1, indicating the expectation of very high recovery in the event of payment default.
S&P noted that it also rated RJO's senior secured $385 million first-lien facility B with a recovery rating of 4 and rated its senior secured $150 million second-lien facility CCC+ with a recovery rating of 6.
According to the agency, the ratings on RJO reflect its high financial leverage, low interest coverage, negative tangible equity and dependence on market volumes.
Partially offsetting these weaknesses are the company's well-established franchise in the rapidly growing futures market, highly variable cost structure and agency business model, the agency added.
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