Moody's eyes Syniverse for upgrade

Moody's Investors Service said it placed Syniverse Holdings, Inc.'s ratings, including its Caa1 corporate family rating, on review for upgrade. The outlook was changed to ratings under review from negative.

This action follows the company's announcement it agreed to merge with M3-Brigade Acquisition II Corp. a publicly traded special purpose acquisition company that will result in Syniverse becoming a public company and the repayment of a substantial portion of debt, the agency said.

“Moody's views governance considerations as integral to this ratings action. Syniverse would be a publicly traded company with reduced private equity ownership, a lower debt burden and lower financial leverage,” the agency said in a press release.

The review will focus on Syniverse's capital structure, financial and growth strategy, and resulting financial leverage following the completion of the SPAC merger, Moody’s said.

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