Moody's ups Electronics for Imaging

Moody's Investors Service said it upgraded Electronics for Imaging, Inc.'s corporate family rating to B3 from Caa1, probability of default rating to B3-PD from Caa1-PD and the rating on the second-lien term loan due July 2027 to Caa2 from Caa3.

Concurrently, Moody's affirmed the B3 debt instrument rating on the first-lien term loan due July 2026 and first-lien revolving credit facility due July 2024. The outlook is changed to stable from positive.

“The CFR upgrade to B3 reflects EFI's improving operating profile, increased financial flexibility following the expected debt pay down from the proceeds of the eproductivity segment (EPS) sale, and willingness to deploy excess capital towards voluntarily debt reduction. The company is entering FY 2022 from a position of relative strength and will benefit from its lean cost structure and new product introductions over the next 12-18 months,” Moody’s said in a press release.

The outlook reflects a forecast of organic revenue growth in the mid-to-high- single digit range though fiscal year 2023, the agency said.

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