Acrisure has refinanced its existing Preferred Series A securities and issued Preferred Series B securities. We affirmed our 'B' issuer ratings and all debt ratings. The stable outlook reflects our expectation for financial leverage of 10x-11x (7x-8x, excluding preferred treated as debt) and EBITDA cash interest coverage above 2.0x on a run-rate basis. On March 24, 2021, S&P Global Ratings affirmed its 'B' issuer credit ratings on Acrisure Holdings Inc. and Acrisure LLC (the borrower on all the company's debt). We also affirmed all existing issue ratings. The outlook is stable. Acrisure has issued $3.0 billion of new 7% payment-in-kind (PIK) Preferred Series A securities to refinance its existing 13% Preferred Series A securities. It has also issued $454 million
