NEWAsurion Corp. is issuing debt to fund an equity tender offer. We are affirming our 'B+' issuer credit and debt ratings on NEWAsurion Corp. and its subsidiaries, and rating the newly issued debt. The stable outlook reflects our expectation that NEWAsurion will grow its earnings and that the company will demonstrate sustained leverage between 5.0x-6.0x. On June 18, 2018, S&P Global Ratings affirmed its 'B+' long-term issuer credit ratings on NEWAsurion Corp. and its subsidiaries, Lonestar Intermediate Super Holdings LLC and Asurion LLC. The outlook is stable. At the same time, we affirmed our 'B+' debt ratings and '3' recovery ratings on the company's first-lien credit facilities (including an upsized $230 million revolver due 2023, $2.6 billion first-lien term loan
