Moody’s rates Brown & Brown notes Baa3

Moody's Investors Service said it assigned Baa3 ratings to $1.2 billion of senior unsecured notes being issued by Brown & Brown, Inc.

The agency affirmed Brown & Brown’s Baa3 rating on March 8.

The company will use the proceeds, borrowings under its revolving credit facility, other borrowings and cash on hand to fund the acquisition of Global Risk Partners Ltd. and two smaller entities, and to pay related fees and expenses.

The outlook for Brown & Brown is unchanged at stable.

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