Moody’s shifts Brown & Brown view to positive

Moody’s Investors Service said it changed the outlook to positive from stable and affirmed the Baa3 senior debt rating of Brown & Brown Inc.

“The change to a positive outlook reflects Brown & Brown’s strong credit metrics for its rating category (per Moody’s calculations, which incorporate standard accounting adjustments). For the 12 months ended June 30, 2020, EBITDA margins remained in the low 30s as the company adjusted its expense base in response to the economic downturn,” the agency said in a press release.

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