Cetera's trailing 12-months' debt/EBITDA ratio on a Moody's adjusted basis was around 3.4x as of June 30, 2023, compared to 7.1x as of the end of 2021. The rating agency said it expects the acquisition to lead to an increase in its leverage ratio to around 5.2x by the end of 2024, but not enough to change Moody's rating.