Deerfield Duff Phelps, LLC Ratings Placed On CreditWatch Negative On Pending Acquisition Of Kroll LLC

Stocks and Financial Services Press Releases Wednesday March 14, 2018 09:36
NEW YORK--14 Mar--S&P Global Ratings

NEW YORK (S&P Global Ratings) March 13, 2018--S&P Global Ratings today placed its ratings, including the 'B' corporate credit rating, on Deerfield Duff & Phelps, LLC on CreditWatch with negative implications.

The CreditWatch placement reflects Duff & Phelps' announcement that it has entered into a definitive agreement to acquire Kroll LLC. The acquisition price and funding is currently not available. However, we expect the acquisition could increase adjusted debt leverage above our 6.5x threshold for the 'B' rating.

We will resolve the CreditWatch placement within the next 90 days once we have additional details about the acquisition, including the financing terms and the potential impact on the company's business, synergies, pro forma leverage, and the combined company's cash flow generation.

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