S&P: First Eagle loans BB+

Standard & Poor’s said it assigned a BB+ long-term issuer credit rating to First Eagle Investment Management, LLC.

The agency also said it assigned a BB+ rating to the company’s proposed $1.35 billion term loan B due in 2022 and $150 million revolving credit facility due in 2020.

The loans were assigned recovery ratings of 3, indicating 50% to 70% expected default recovery.

The outlook is stable.

The ratings reflect the company’s very long successful investment and operating performance track record and strong distribution capability, S&P said.

Constraining the ratings are the significant concentration in First Eagle’s flagship product and concentration in equity products, the agency said.

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