S&P Revises Outlook on CGSC to Negative; CEO Comments

Standard & Poor’s Rating Services announced on April 1, 2014 that it has affirmed its ‘B’ rating for Cooper Gay Swett & Crawford Ltd., but has revised its outlook on the rating to negative from stable.

The ratings announcement brought an immediate response from Toby Esser, CGSC Group CEO, who said: “We are pleased with Standard and Poor’s decision to maintain CGSC’s credit rating despite the change of outlook to negative from stable.”

Esser noted that S&P’s analysis of the ratings had “recognized the strong growth of our North America business, the positive momentum created into 2014 through the active measures we have taken and the recent exciting acquisitions we have made in the UK and Australia. It also highlighted some of the volatility we have seen in the international part of the Group.

“CGSC retains strong liquidity and alongside our supportive equity partners, significant investment firepower,” Esser concluded.

Source: Cooper Gay Swett & Crawford