Moody's upgrades SurveyMonkey

Moody's Investors Service said it upgraded SurveyMonkey Inc.'s corporate family rating to B2 from B3, probability of default rating to B2-PD from Caa1-PD and senior secured bank credit facility rating to B2 from B3. The speculative grade liquidity rating was upgraded to SGL-1 from SGL-2, indicating very good liquidity.

"Continued strategic investments in products and its sales force drive our expectations of at least 15% revenue growth over the next three years and that revenue or remaining performance obligations (RPO, the sum of deferred revenue and backlog) will outgrow expenses," said Sean Cray, a Moody's analyst, in a press release.

"The upgrade is also driven by strong cash flow metrics relative to B2-rated issuers and our expectation that free cash flow to debt will remain at least in the mid-teen percentages," Cray added.

The outlook remains stable.

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