Moody’s revises Acrisure to negative

Moody's Investors Service said it affirmed the B3 corporate family rating and B3-PD probability of default rating of Acrisure, LLC following the company's announcement of plans to increase its credit facilities.

The company will increase its first-lien term loan by $450 million (B2), and will issue a new $175 million delayed draw second-lien term loan (Caa2).

Based on Acrisure's continuing high volume of acquisitions, rapid rise in debt and high use of cash to cover contingent earnout payments, Moody's changed the outlook to negative from stable.

Given the negative rating outlook, the agency said it is unlikely that Acrisure's ratings would be upgraded in the near future.

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