S&P revises Dealogic view to stable

S&P said it revised the outlook for I-Logic Technologies Bidco Ltd., which does business as Dealogic, to stable from negative.

“The outlook revision reflects Dealogic’s good progress executing on its business transformation and its voluntary debt repayment that has substantially reduced its adjusted leverage,” said S&P in a press release.

Since the company was acquired, its paid down $47 million of debt cutting its S&P-adjusted leverage declined to the mid 7x area as of Sept. 30, from 10x following the acquisition.

“We believe there are further deleveraging opportunities such that we expect its leverage to decline to the high 5x area y 2020 as large one-time investments in product and software license fees roll-off in the first quarter of 2019 and the company realizes the benefits of its investments. Despite Dealogic’s small scale, we recognize the company’s high subscription-based revenue stream, industry leading EBITDA margins, and high cash flow conversion as supporting the current rating,” S&P said.

The agency affirmed all the company’s ratings.

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