NEW YORK (S&P Global Ratings) Nov. 4, 2026--S&P Global Ratings today assigned its'B'issue-level rating and'3'recovery rating to CohnReznick Advisory LLC's proposed $225 million incremental first-lien term loan due 2032. The'3'recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. CohnReznick will use the proceeds from the proposed loan, along with roll-over equity from management and sponsor equity, primarily to fund its acquisition of West Coast-based accounting and advisory services firm Aldrich. We anticipate the company will use any remaining proceeds to repay its the revolver and add cash to its balance sheet. Our'B'issuer credit rating on CohnReznick is unchanged. Despite the incremental debt,
