S&P rates FEH ICR, debt BB+

S&P said it assigned its BB+ long-term issuer credit rating to FEH, Inc.

The outlook is stable.

At the same time, the agency assigned its BB+ issue-level rating and 3 recovery rating to the company's debt. The 3 recovery rating indicates 69% (50%-70%) recovery in a default scenario.

S&P also affirmed its BB+ long-term issuer credit rating on First Eagle Investment Management, LLC (FEIM).

S&P said the ratings on FEH reflect those on First Eagle, reflecting FEH's more than 90% ownership of the company.

FEH is a non-operating holding company and derives all of its revenues from First Eagle. First Eagle is the guarantor of FEH's debt outstanding of approximately $1.5 billion.

"We are equalizing the ratings on FEH and FEIM because we believe that there is no evidence of structural subordination that would limit FEH's ability to access funds at the level of its operating subsidiary," S&P credit analyst Daniel Koelsch said in a news release.

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