We note that the company maintains some cushion in its credit metrics at the current rating level. TriNet?s insurance cost ratio (ICR) continues to trend higher due to elevated provider costs, claims and severity, and pharmaceutical costs. The company's higher ICR, combined with the slowdown in its professional service revenue due to minimal customer hiring in its main industry verticals (such as technology, professional services, and financial services), led us to slightly revise our full-year 2024 forecast. We now expect TriNet's revenue will be about flat; however, we anticipate it will maintain steady S&P Global Ratings-adjusted EBITDA margins of about 35% as it works to reduce its operating expenses to offset the increase in its insurance costs. We expect the
