NU Online News Service, Feb. 26, 9:55 a.m. EST
Standard & Poor's revised its outlook on Briarcliff Manor, N.Y.-based USI Holdings Corp. from negative to stable on its credit and debt ratings.
The rating service said the privately held firm has taken "appropriate strategic measures to improve its financial and business profile."
It will take time for these measures to translate into improved results, but disciplined expense management and successful integration of "selective strategic acquisitions have enabled the company to generate financial metrics that are acceptable for the rating level," S&P said.
S&P said the broker's rating was moved to negative in 2008 because the "company's performance had been lower than both our expectations and peers' results."
While it will take time for the broker to "catch up," S&P said the broker has positioned "itself to display tangible improvements in its financial results in 2010."
The firm has a "B-minus" counterparty credit rating and senior secured debt, and "triple-C" subordinated unsecured debt rating.
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