S&P affirms Acrisure on add-on

S&P said it affirmed the B long-term issuer credit rating on Acrisure Holdings Inc. and its core subsidiaries as its refinancing its existing preferred equity with an add-on.

The outlook is stable.

The agency also said it affirmed the B debt ratings on the company's first-lien credit facilities, consisting of the $235 million revolver due 2021 and $2.47 billion term loan due 2023.

The recovery ratings on these debt issues are 3, indicating 60% expected default recovery.

S&P also said it affirmed the CCC+ debt rating on the company's $925 million senior notes with a recovery rating of 6, indicating negligible default recovery.

The ratings reflect a view that Acrisure's overall creditworthiness will not change materially despite credit measure weakening from the new preferred equity, the agency said.

The company's consistent performance with favorable operating margins supports this view, S&P said.

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