...August 4, 2022 TORONTO (S&P Global Ratings) August 4, 2022--S&P Global Ratings today said it assigned its 'B-' issue credit rating to Advisor Group Holdings Inc.'s proposed issuance of $475 million senior secured notes due 2027. The company will use proceeds to fund the recently announced acquisitions of Infinex Financial Holdings Inc. and American Portfolios Financial Services Inc. and add cash to the balance sheet. We rate the new issue in line with our 'B-' long-term issuer credit rating on Advisor Group, which remains unchanged by this transaction. The new issue is pari passu with, and rated the same as, existing senior secured debt. We expect the decline in equity markets since the beginning of the year to weigh on asset-based revenue. However, we believe this headwind will be more than offset by rising short-term interest rates that will boost revenue on clients' uninvested cash balances swept to third-party banks. As of March 31, 2022, Advisor Group's leverage, as measured by gross...
