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Fitch assigns Navacord B
Fitch Ratings said it assigned a first-time long-term issuer default rating of B to Navacord Intermediate Holdings, Inc.
The agency said it also affirmed the IDR of Navacord's wholly owned borrower subsidiary, Jones DesLauriers Insurance Management Inc., at B. Fitch withdrew the long-term IDR B rating for Navacord Corp. given it is no longer the financial filer of the company.
Fitch said it additionally affirmed the company's senior revolving credit facility at B+/RR3, first-lien term loan at B+/RR3, senior secured notes at B+/RR3 and affirmed its senior unsecured notes at CCC+/RR6.
The outlook is stable.
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