S&P ups Ryan Specialty

S&P said it raised its Ryan Specialty Group LLC ratings to BB- from B. The 3 recovery rating on its $2.25 billion first-lien credit facility ($600 million revolver due 2025 and $1.65 billion term loan due 2027) is unchanged.

The upgrade follows Ryan’s completion of its IPO, which improved the company’s capital structure, the agency said.

“The public launch triggered a required payoff of the remaining preferred units (which we treat as debt), improving financial leverage. The preferred units have been replaced with common shares and the company benefits from an elevated level of cash held from IPO proceeds, reducing leverage by more than 1x and leading to pro forma financial leverage of 4.3x per S&P calculations,” S&P said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.