BRP Group Inc. Outlook Revised To Positive On Improving Financial Leverage; 'B-' Ratings Affirmed

BRP Group Inc. (BRP) has reduced its S&P Global Ratings-adjusted leverage in 2023 primarily on continued double-digit organic growth. While the company's financial leverage is still elevated for the rating, we expect further material improvements in 2024. We therefore revised our outlook to positive from stable and affirmed our 'B-' issuer and issue-level ratings. The positive outlook reflects our view that we may raise our rating on BRP in the next 12 months in connection with improved financial leverage on a sustained basis. NEW YORK (S&P Global Ratings) April 10, 2024S&P Global Ratings took the ratings action described above. BRP reported another year of double-digit organic growth of 19% in 2023, with strong performance across all three business segments driven

...April 10, 2024 - BRP Group Inc. (BRP) has reduced its S&P Global Ratings-adjusted leverage in 2023 primarily on continued double-digit organic growth. - While the company's financial leverage is still elevated for the rating, we expect further material improvements in 2024. - We therefore revised our outlook to positive from stable and affirmed our 'B-' issuer and issue-level ratings. - The positive outlook reflects our view that we may raise our rating on BRP in the next 12 months in connection with improved financial leverage on a sustained basis. NEW YORK (S&P Global Ratings) April 10, 2024S&P Global Ratings took the ratings action described above. BRP reported another year of double-digit organic growth of 19% in 2023, with strong performance across all three business segments driven by favorable new business and retention, as well as overall success with its strategic focus on leveraging tech-enabled client engagement tools, specializations, and differentiated embedded distribution...

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