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S&P, Fitch withdraw NewStar ratings


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S&P, Fitch withdraw NewStar ratings

S&P Global Ratings has affirmed its BB- issuer credit rating and senior unsecured debt ratings on NewStar Financial Inc., while removing the ratings from CreditWatch with positive implications.

Subsequently, S&P has withdrawn all of its ratings on NewStar at the company's request.

The outlook was stable at the time of withdrawal.

The affirmation reflects the closing of First Eagle Investment Management LLC's acquisition of Newstar, with Newstar selling an about $2.4 billion portfolio of assets to a newly formed investment fund managed by GSO Capital Partners LP.

After the acquisition, Fitch Ratings has also withdrawn NewStar's long- and short-term issuer default ratings of BB-/B and its senior unsecured debt rating of BB-.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.