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Moody’s assigns B2 to ACI notes
Moody's Investors Service said it rated ACI Worldwide, Inc.’s new senior unsecured notes B2.
ACI's ratings, including the Ba3 corporate family rating and the stable outlook, are unchanged.
ACI intends to use the proceeds of the new notes to fund the redemption of all of the outstanding 6 3/8% senior notes due August 2020. The agency said that following repayment of the notes, Moody's will withdraw the ratings of the existing notes.
Moody’s said the corporate family rating reflects ACI's predictable revenue stream, driven by a base of recurring revenues, long term software licensing contracts with renewal rates exceeding 95%, and a large backlog, which accounts for over 75% of annual revenue.
The stability of revenues is also supported by ACI's strong market position in payments software, the agency said.
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