Insurance broker BRP Group Inc. is planning to issue a new first lien facility consisting of a $400 million first-lien term loan and $400 million revolver. We are assigning BRP our 'B' issuer credit rating and assigning the company's first-lien credit facility a 'B' debt rating with a '3' recovery rating. The stable outlook reflects our expectation that BRP will continue to produce double-digit organic growth and execute on a highly acquisitive expansion strategy while also managing financial policy to produce S&P Global Ratings pro forma leverage in line with 'B' rated peers. On Oct. 1, 2020, S&P Global Ratings assigned publicly traded insurance services broker BRP Group Inc. (BRP) its 'B' long-term issuer credit rating. The outlook is stable.
