Moody’s changes Capco view to negative

Moody’s Investors Service said it changed the outlook for Cardinal Holdings 3, LP, or Capco, to negative from stable.

“The change of outlook reflects Capco's weaker than expected performance for H1 2019 including high restructuring and other exceptional charges which have not reduced as expected following the carve-out of the company from Fidelity National Information Services, Inc. (FIS) in 2017,” said Moody’s in a press release.

Moody’s affirmed the company’s B2 and B2-PD ratings. The agency also affirmed the ratings on the $250 million senior secured term loan B due 2023 and the $65 million senior secured revolving credit facility due 2022 both borrowed by subsidiary Cardinal US Holdings, Inc. and rated at B2.

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