Fitch ups Instructure

Fitch Ratings said it raised Instructure Holdings, Inc.'s (INST) first-lien term loan and secured revolver ratings to BBB-/RR1 from BB+/RR1. The agency also lifted INST’s issuer default rating to BB from BB-.

“The upgrade to BB reflects the company's improved credit profile including its low leverage which was 2.8x at the end of 2022 and Fitch forecasts leverage to remain in the range of 2.x to 2.8x over the forecast period barring any material debt-funded acquisitions. Fitch previously stated that if leverage was below 3.x on a sustained basis while cash flow from operations (CFO) less capex to debt was in the mid-teens or better, it would take favorable rating action,” the agency said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.