Moody’s rates Truist Insurance notes B2

Moody’s Ratings said it assigned a B2 rating to $2.75 billion of seven-year senior secured notes being co-issued by Truist Insurance Holdings LLC and McGriff Insurance Services, LLC.

The rating is the same as the rating on the issuer’s senior secured first-lien credit facility and term loan.

The proceeds will be used to help fund the purchase of the remaining 80% stake in TIH by Stone Point Capital, Clayton Dubilier & Rice and additional co-investors, from Truist Financial Corp. The parties expect to complete the purchase in the second quarter of 2024, subject to regulatory approvals and other customary closing conditions.

The outlook is unchanged at stable.

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