The holding company for the Crump wholesale insurance brokerage does not merit an "A" financial rating until it proves it can successfully put the parts of its prospective merger together, a rating agency said.
New York-based Moody's issued a "B2" rating to J.C. Flowers & Co., L.L.C., the private-equity holding company of Dallas-based Crump, earlier this week mentioning the firm's plans to acquire the wholesale brokerage business of Roseland, N.J.-based BISYS Group.
The speculative grade rating reflects Crump's strength as a wholesale broker, but Moody's explained that strength is tempered by the lack of history as a consolidated enterprise with BISYS.
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