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S&P assigns Arthur J. Gallagher notes BBB
S&P said it gave Arthur J. Gallagher Corp.’s planned senior notes a BBB rating, and changed the firm’s outlook to positive from stable.
Arthur J. Gallagher plans to acquire certain brokerage operations from Willis Towers Watson plc for about $3.5 billion.
` “Our positive outlook reflects the potential for incremental credit profile improvement within 24 months associated with the integration of the acquired Willis operations combined with sustained underlying growth and operating performance stability. If properly integrated, we'd expect AJG to reflect a more diversified profile with revenue approaching $8.5 billion within 24 months and EBITDA margin stability at the 28%-30% level, resulting in pro-forma (PF) adjusted financial leverage and EBITDA coverage remaining around 2.4x-2.6x and above 8x, respectively,” S&P said in a press release.
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