S&P rates Insurity facility B-

S&P said it assigned its B- long-term issuer credit rating to Huskies Parent Inc. (Insurity Inc.). The outlook is stable.

At the same time, the agency assigned a B- debt rating and 3 recovery rating on the company's proposed $410 million first-lien credit facility ($40 million revolver due 2024 and $370 million term loan due 2026).

The 3 recovery rating indicates meaningful recovery (50%-70%; rounded estimate: 65%) in the event of a payment default.

The $160 million second-lien term loan due in 2027 is unrated.

“The B- issuer credit rating on Insurity is based on its small revenue base, narrow market focus on domestic property and casualty (P&C), and highly leveraged capital structure,” the agency said in a news release.

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