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S&P revises HRG note recovery
S&P said it revised its recovery rating on HRG Group Inc.'s $890 million senior unsecured notes maturing Jan. 15, 2022 to 3 (50%-70% range, 65% rounded estimate) from 4.
The agency said the revision reflects HRG's sale of its stake in subsidiary Fidelity Guaranty & Life and use of a portion of the net cash proceeds to redeem all of HRG's $864.4 million senior secured notes due 2019.
All of the ratings on HRG, including the B corporate credit and unsecured note ratings, remain on CreditWatch with positive implications, where they were placed on Sept. 25, 2017.
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