...September 7, 2022 - Leverage for insurance broker BRP Group Inc. is running high following a revolver draw in the second quarter to fund the company's largest partnership to date as well as elevated costs related to acquisitions, recruiting, investments. - We revised our outlook to negative from stable and affirmed our 'B' ratings on BRP. - The negative outlook captures the one-in-three risk that the company will not lower leverage through organic growth, EBITDA margin expansion, or debt repayment to a level commensurate with current rating. NEW YORK (S&P Global Ratings) Sept. 7, 2022--S&P Global Ratings said today it revised its outlook on BRP Group Inc. to negative from stable. At the same time, we affirmed our 'B' foreign and local currency long-term issuer credit ratings on the company and our 'B' debt ratings on its revolver and first-lien term loan B due 2027. The recovery ratings remain '3'. The revision of the outlook to negative from stable reflects that while underlying organic...
