As part of its announced agreement to be acquired by DFO Management LLC and Sequence Holdings, The Baldwin Insurance Group Inc. is issuing new debt to help fund this take-private transaction, which values the company at about $7.7 billion. While S&P Global Ratings-adjusted leverage will materially increase following the transaction, this is counterbalanced by our improved view of Baldwin’s business risk profile and our expectations for modest leverage reductions in the next 12 months. We therefore affirmed our'B'issuer credit rating on Baldwin and removed all ratings from CreditWatch, where we placed them with negative implications on Sept. 15, 2026. We also assigned our'B'issue rating and'3'recovery rating to the proposed $500 million revolver due 2031,
