S&P rates BRP Group, facility B

S&P said it assigned BRP Group Inc. its B long-term issuer credit rating. The agency also gave a B debt rating and 3 recovery rating to the company's proposed $400 million term loan due 2027 and $400 million revolver due 2025 to be issued out of subsidiary Baldwin Risk Partners, LLC. The 3 recovery rating indicates expectations for meaningful recovery (50%-70%; rounded estimate: 50%) in the event of a default.

“For fiscal years 2017, 2018, and 2019, BRP reported double-digit organic growth of 17%, 18%, and 10%, respectively. Even amid the Covid-19 operating environment, the company has been able to maintain double-digit organic, with 12% growth year-to-date as of June 30, 2020,” S&P said in a press release.

The outlook is stable.

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