Insurance broker Acrisure is issuing a $400 million first-lien term loan add-on to fund acquisitions under signed letters of intent. We are affirming all our ratings on Acrisure. The stable outlook reflects our expectation that Acrisure will sustain favorable operating trends. On May 29, 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 upsized $2.4 billion term loan (including the existing $2.0 billion term loan and $400 million add-on term loan). The recovery ratings on these debt issues are '3(65%)' indicating our expectation
