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Moody's upgrades VeriFone
Moody's Investors Service said it upgraded VeriFone Inc.'s corporate family rating to Ba3 from B1, along with the $25 million senior secured revolving credit facility due 2012 to Ba1 (LGD 2, 20%) from Ba2 (LGD 2, 21%) and $220 million senior secured term loan due 2013 to Ba1 (LGD 2, 20%) from Ba2 (LGD 2, 21%).
The outlook was changed to positive from stable.
The upgrade reflects a meaningful deleveraging of VeriFone's balance sheet driven by strong operating performance since the end of the global macroeconomic downturn, Moody's said.
The company should be able to sustain moderate leverage, good operating cash flow levels and strong liquidity over the next 18 to 24 months, the agency said.
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