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Moody’s ups Compuware, facilities
Moody's Investors Service said it upgraded Compuware Holdings LLC's corporate family rating to B2 from B3 and upgraded its probability of default rating to B2-PD from B3-PD.
The agency also upgraded the company's first-lien credit facilities to B2 from B3 and upgraded its second-lien term loan to Caa1 from Caa2.
The outlook is stable.
Moody’s said the upgrade reflects Compuware's growing revenue base and potential for continued organic growth.
The agency said it expects free cash flow to debt to approach 6.5% over the next 12 to 18 months.
Debt to EBITDA, excluding certain one-time costs, was about 6.5x based on preliminary Dec. 31 results, but is expected to approach 6.0x over the next 12-18 months if the company continues to grow revenue and EBITDA in its Dynatrace and Compuware businesses and repays debt, Moody’s explained.
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