Advisor Group 'B+' Ratings Placed On CreditWatch Negative On Announcement Of Acquisition By Reverence Capital Partners

Private equity firm Reverence Capital Partners announced it is acquiring Advisor Group from Lightyear Capital and PSP Investments. We believe that a significant portion of the purchase price will be debt-financed. We think there is uncertainty surrounding Advisor Group's prospective capital structure subsequent to the close of the acquisition. As a result, we are placing our 'B+' ratings on Advisor Group on CreditWatch with negative implications. We will resolve the CreditWatch when we get further clarity on the company's prospective debt structure and terms and covenants to be able to assess its debt service capacity and overall financial flexibility. NEW YORK (S&P Global Ratings) May 14, 2019--, S&P Global Ratings said today it placed its 'B+' issuer credit and issue

...+ Private equity firm Reverence Capital Partners announced it is acquiring Advisor Group from Lightyear Capital and PSP Investments. We believe that a significant portion of the purchase price will be debt-financed. + We think there is uncertainty surrounding Advisor Group's prospective capital structure subsequent to the close of the acquisition. + As a result, we are placing our 'B+' ratings on Advisor Group on CreditWatch with negative implications. + We will resolve the CreditWatch when we get further clarity on the company's prospective debt structure and terms and covenants to be able to assess its debt service capacity and overall financial flexibility. NEW YORK (S&P Global Ratings) May 14, 2019--, S&P Global Ratings said today it placed its 'B+' issuer credit and issue ratings on Advisor Group Holdings Inc. on CreditWatch with negative implications. We placed the ratings on Advisor Group (AG) on CreditWatch negative following Reverence Capital Partners' announced acquisition of...

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