S&P upgrades Alorica

S&P said it raised Alorica Inc.’s issuer rating to CCC+ from CCC- and removed the rating from CreditWatch, where it had placed it with negative implications.

Alorica fully repaid its outstanding debt at par plus all accrued interest through a combination of a new asset-based loan facility, a first-lien term loan and preferred equity.

The upgrade follows better-than-expected operating performance during the pandemic and Alorica’s improved liquidity, S&P said.

The agency assigned a positive outlook. This outlook reflects the view of Alorica’s improving credit metrics through better-than-anticipated earnings growth, S&P said.

“We are subsequently withdrawing all ratings at the company’s request,” the agency said in a press release.

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