Fitch upgrades WebPros

Fitch Ratings said it raised the issuer default rating for Particle Luxembourg Sarl (WebPros) to B+ from B and its first-lien senior secured term loan to BB/RR2 from B+/RR3.

“The upgrade is driven by a stronger-than-expected performance in 2021 combined with the repayment of $36.1 million of first-lien secured debt leading to a sharp reduction in gross leverage. The company was able to successfully execute on its price adjustment strategy, which, in combination with healthy organic market growth, led to double-digits revenue and EBITDA increase yoy,” Fitch said in a press release.

The agency added its expects WebPros to lower its gross leverage to 5.9x in 2021 from 7.1x in 2020 through price adjustments on its products.

The outlook is stable.

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