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Fitch upgrades Arthur J. Gallagher
Fitch Ratings said it upgraded Arthur J. Gallagher & Co.'s senior unsecured revolver, senior unsecured notes and private placement notes to BBB+ from BBB. The agency also raised AJG’s long-term issuer default rating to BBB+ from BBB.
“The upgrades reflect Fitch's expectation for EBITDA leverage to be in the mid-2x range in the next few years, or moderately lower including a pro forma run-rate of potential M&A, and improved FCF generation sustained in the near term,” the agency said in a press release.
Fitch added, “EBITDA margins improved materially in the past couple of years, which bolstered FCF and signals a stronger near-term operating profile. Profitability improved materially in 2022 as negative EBITDA profitability from the clean energy (corporate) segment went away. Margins are low-30% currently versus mid-20% range in 2020-2021 and 17%-20% over the prior four years.”
The outlook is stable.
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