Moody’s views Ryan Specialty positively

Moody’s Investors Service said it changed its outlook for Ryan Specialty Group, LLC to positive from stable and affirmed the B1 ratings on its undrawn $600 million senior secured first-lien revolver due July 2026, its $1.65 billion with $1.6 billion outstanding, senior secured first-lien term loan maturing in September 2027 and $400 million of $400 million of senior secured first-lien notes maturing in February 2030. The agency also affirmed the B1 corporate family rating and B1-PD probability of default rating.

“Moody's said the positive outlook reflects Ryan Specialty's strong organic growth and good EBITDA margins. The company is investing in its infrastructure and gaining efficiencies through its restructuring program to improve EBITDA margins. The rating agency expects the company to continue making acquisitions, including through deployment of cash and equivalents on the balance sheet which amounted to $966 million as of June 30, 2023,” the agency said in a press release.

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