Fitch rates TeamSystem, notes, revolver

Fitch Ratings said it assigned TeamSystem Holding SpA a long-term issuer default rating of B(EXP) with a stable outlook.

In addition, the agency assigned a B+(EXP)/RR3 rating to the senior secured notes and revolving credit facility of TeamSystem SpA, the main operating company.

“TeamSystem is one of the leading providers of financial and accounting software to small and medium-sized businesses and to financial professionals. TeamSystem's business model has shown consistency and sustainability as recurring revenues have grown,” Fitch said in a news release.

“The company has market shares of 26% in the enterprise segment and 41% in the professionals segment.

“Customer churn remains low, but TeamSystem continues to face strong competition from Zucchetti and smaller local firms.”

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