S&P rates Ryan Specialty, notes BB-

S&P said it gave BB- ratings to Ryan Specialty Group Holdings Inc. and its planned senior secured notes. The notes’ recovery rating is 3, indicating a meaningful recovery (50%) in default. Concurrently, the agency affirmed Ryan Specialty Group, LLC’s BB- issuer rating.

“As part of the recently completed IPO, Ryan Specialty Group, LLC (Ryan Specialty) changed its organizational structure, adding the public company Ryan Specialty Group Holdings, Inc. (Ryan Holdings), whose only operations are its holdings in Ryan Specialty,” S&P said in a press release.

Ryan Specialty plans to sell $400 million of senior secured notes due 2030. The agency said Ryan Specialty will continue to issue debt for the group, and it will consider the unit to the group’s financing subsidiary.

The outlook is stable.

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