S&P might upgrade SurveyMonkey

S&P said it placed all of its ratings on SurveyMonkey Inc., including the B- issuer credit rating, on CreditWatch with positive implications.

The CreditWatch placement reflects an expectation that SurveyMonkey's credit measures will improve following its IPO and private placement transaction, the agency said.

“We expect the company will receive approximately $157 million from the combined sale, of which $100 will be used to repay a portion of the company's outstanding $322 million senior secured credit facility due in 2024,” S&P said in a news release.

“The expected proceeds are based upon an assumed price of $10 per share, which is the midpoint of the estimated offering price range.”

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