Advisor Group's EBITDA has been bolstered by increased cash sweep revenue from higher short-term interest rates and, to a lesser extent, recent acquisitions. We expect our adjusted debt-to-EBITDA ratio to decline below 6x in 2023, a significant improvement from over 8x at the end of 2022. As a result, we raised our issuer credit rating and senior secured debt ratings on Advisor Group to 'B' from 'B-' and the senior unsecured debt rating to 'CCC+' from 'CCC'. The stable outlook reflects our expectation that Advisor Group's S&P-adjusted debt-to-EBITDA leverage should improve to 5.0x-5.5x in 2023 due to higher cash sweep revenue, even as the company's aggressive financial management and private-equity ownership constrain our view on capitalization. On May 8, 2023,
