S&P lifts Access CIG view to stable

S&P said it revised the outlook on Access CIG, LLC to stable from negative and affirmed all of the ratings, including the B issuer credit rating, B rating on the first-lien credit facilities and CCC+ rating on the second-lien term loans.

The recovery rating on the first-lien credit facilities remains at 3 and the recovery rating on the second-lien term loans remains at 6.

Despite Access's high adjusted debt leverage, S&P said it views positively the company's stable and recurring revenue, good track record of successfully integrating acquisitions and operational stability despite elevated leverage levels.

The agency also said it raised the adjusted debt-to-EBITDA ratio threshold to 7.5x from 7x.

Access CIG has successfully navigated a period of elevated debt-funded acquisition spending, with more than $200 million deployed in the past 12 months, S&P said.

The stable outlook reflects an expectation that Access will continue to demonstrate solid operating performance, supported by the successful integration of recent acquisitions, low single-digit organic growth rates and healthy EBITDA margins, the agency said.

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