NEW YORK (S&P Global Ratings) Jan. 28, 2021--S&P Global Ratings today said Advisor Group Holdings Inc.'s (B-/Stable/--) proposed repricing of its $1.5 billion first-lien term loan due 2026 will incrementally improve the company's cash flow and debt service coverage but is not material to the rating. Our 'B-' long-term issuer credit and first-lien term loan ratings on the company are unchanged. The outlook on the issuer credit rating remains stable. Pro forma for the repricing and incorporating the company's estimated full-year 2020 covenant EBITDA, interest coverage will be very close to 2x (including or excluding the company's preferred dividends), which is consistent with our previous expectations. We continue to believe the company is in a relatively good liquidity position. The
