Moody’s revises Misys view to negative

Moody's Investors Service said it confirmed Misys Newco 2 Sarl’s B2 corporate family rating and B2-PD probability of default rating, and affirmed Magic Newco LLC's B1 ratings on its senior secured first-lien credit facilities and Caa1 rating on its senior secured second-lien credit facility following the postponement of Misys' proposed initial public offering.

The outlook on all ratings was changed to negative from stable.

Concurrently, the agency withdrew the provisional Ba3 ratings assigned to the new credit facilities borrowed by Misys' subsidiary Turaz Global Sarl.

Moody’s said the confirmation reflects the postponement of Misys' planned IPO and the fact that the group is retaining the same capital structure for now.

The outlook change reflects the refinancing risk given the upcoming maturity of Misys' revolving credit facility in June 2017 as well as the expected very tight headroom on the group's maintenance covenant, the agency added.

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