...April 1, 2024 NEW YORK (S&P Global Ratings) April 1, 2024--S&P Global Ratings believes that a downside scenario for the ratings on Asurion Group Inc. is unlikely even though the company won't be providing audited financial statements for 2023 by the April 1, 2024, deadline. Asurion has indicated that it needs the time to investigate a third-party allegation of noncompliance with the terms of a client agreement. It is in the process of requesting a 45-day extension from lenders (after an unsuccessful attempt last week); if it doesn't receive such an extension, the company will have a 30-day cure period to file the audit. We fully expect the company to complete the audit and provide its 2023 financial statements during the time it is allotted (with or without the extension). However, if the delivery of the audit is delayed beyond the 30-day cure period (which would follow the 45-day extension period if the company does receive the extension), it could constitute an event of default and result...
