Leverage for insurance broker BRP Group Inc. is running high following a revolver draw in the second quarter to fund the company's largest partnership to date as well as elevated costs related to acquisitions, recruiting, investments. We revised our outlook to negative from stable and affirmed our 'B' ratings on BRP. The negative outlook captures the one-in-three risk that the company will not lower leverage through organic growth, EBITDA margin expansion, or debt repayment to a level commensurate with current rating. On Sept. 7, 2022, S&P Global Ratings revised its outlook on BRP Group Inc. to negative from stable. At the same time, we affirmed our 'B' foreign and local currency long-term issuer credit ratings on the company and our
