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Fitch gives Gallagher notes at BBB
Fitch Ratings said it gave BBB issue-level ratings to new senior unsecured notes issued by Arthur J. Gallagher & Co.
The agency reviewed AJG’s BBB ratings on Nov. 4 and took no action. “The new debt issuance is not expected to effect Fitch's view on gross leverage projected in the next few years,” Fitch said in a press release.
The proceeds are expected to be used for general corporate purposes, including acquisitions. In December, AJG reported its planned acquisition of BCHR Holdings LP (Buck) for about $585 million. The deal is expected to close in the first half of 2023.
The outlook is positive.
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