Fitch gives BB to Worldpay

Fitch Ratings said it gave a first-time BB long-term issuer default rating to Boost Newco Borrower, LLC (Worldpay). The outlook is stable. The agency also assigned BBB-/RR1 issue-level ratings to the company's dollar- and euro-denominated senior secured term loans.

“Notching on the senior secured instruments is in line with Fitch's "Corporates Recovery Ratings and Instrument Ratings Criteria" and reflects the agency's assessment that these instruments are Category 1 first liens, which implies a rating two notches above the IDR,” the agency said in a press release.

Fidelity National Information Services, Inc., which owns Worldpay, is selling a majority stake to GTCR.

Fitch said it forecasts Worldpay’s EBITDA leverage to be “in the mid-4x range in the near term, which is moderately high for the rating but supported by the company's scale and stable cash generation.”

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