Acrisure has a fair business risk profile and highly leveraged financial risk profile. We are affirming our ratings on Acrisure Holdings and Acrisure LLC and rating its proposed $200 million senior secured notes due 2024 'B'. The stable outlook reflects our expectation for robust top-line growth, sustained EBITDA margin strength near 35%, and modestly improved credit-protection measures through 2020. On Oct. 10, 2019, S&P Global Ratings affirmed its 'B' long-term issuer credit ratings on Acrisure Holdings Inc. and Acrisure LLC (the borrower on all the company's debt; collectively Acrisure). We also affirmed all debt ratings. The outlook is stable. At the same time, we assigned our 'B' debt rating to the company's proposed $200 million senior secured notes due 2024
