...+ We believe Reverence Capital Partners will close on its acquisition of Advisor Group in the third quarter of 2019, to be financed by the issuance of $1.25 billion of senior secured term loan due 2024 and $350 million of unsecured notes due 2027. + Although Advisor Group's improved earnings capacity should allow it to shoulder the 2.5x increase in debt overall, we believe the firm's increased debt burden has increased the vulnerability of the firm to potential adverse developments. + We are affirming our 'B+' issuer credit and senior secured debt ratings on Advisor Group and removing the ratings from CreditWatch negative. We are also assigning our 'B+' rating on the firm's new secured term loan and revolver and 'B-' rating on the firm's senior unsecured notes. + The negative outlook reflects S&P Global Ratings' expectation that Advisor Group's financial management will remain aggressive, and that debt service capacity is more exposed to potential adverse developments, including a decrease...
