Moody's rates AssuredPartners loan B2

Moody's Investors Service said it assigned a B2 rating to AssuredPartners, Inc.'s replacement $1.1 billion first-lien term loan due in October 2022.

The new loan will refinance an existing loan of the same amount and maturity date, but the new loan will carry a lower interest spread, the agency said.

The agency said it expects to withdraw the rating on the existing loan once the refinancing closes in mid-May.

The outlook is stable.

The ratings reflect the growing market presence in middle market insurance brokerage, Moody's said, along with good diversification across clients, producers, insurance carriers and product lines.

The ratings also consider its healthy EBITDA margins, the agency said.

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