Insurance broker Acrisure is refinancing its existing preferred equity. We are affirming all our ratings on Acrisure. The stable outlook reflects our expectation that Acrisure will sustain favorable operating trends. On Dec. 11, 2018, S&P Global Ratings affirmed its 'B' long-term issuer credit rating on Acrisure Holdings Inc. and its core subsidiaries. The outlook is stable. At the same time, we affirmed our 'B' debt ratings on the company's first-lien credit facilities: the $235 million revolver due 2021 and $2.47 billion term loan due 2023. The recovery ratings on these debt issues are '3(60%)', indicating our expectation for meaningful recovery in the event of a default. We also affirmed our 'CCC+' debt rating on the company's $925 million senior notes
