Orion Advisor Solutions Inc.'s recent performance has been improving, above our expectations, and should further benefit from the recently proposed upsizing of its existing term loan B to repay more expensive second-lien debt and rate reduction on its outstanding second-lien term loan. We expect these transactions to cut Orion?s annual interest expense by about $8 million and slightly extend its debt maturity profile. We believe these benefits, along with recent performance trends, enhance Orion?s prospects for continued deleveraging and increased free cash flow generation, which are key considerations in our current ratings. We affirmed our 'B-' issuer credit rating on Orion. We lowered our issue-level rating on the company?s first-lien debt to 'B-' from 'B' and revised our recovery rating
