Moody's lowers Advisor Group

Moody's Investors Service said it downgraded Advisor Group Holdings, Inc.'s corporate family rating to B3 from B2. Moody's also downgraded to B2 from B1 Advisor Group's $1.5 billion senior secured term loan due 2026, its $325 million senior secured revolving credit facility due 2024 and its $500 million of senior secured notes due 2028. Additionally, Moody's downgraded to Caa2 from Caa1 Advisor Group's $413 million of senior unsecured notes due 2027.

Moody's said the rating action reflects the recent Federal Reserve Board cut to the fed funds rate to its new range of 0%-0.25%, in response to the ongoing coronavirus pandemic and the immediate effect the rate cut would have on Advisor Group's profitability.

The outlook for Advisor is negative.

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