S&P pulls Navicure from watch

S&P said it affirmed the B- ratings on Navicure Inc. and its first-lien debt, the CCC rating on its second-lien term loan and removed the ratings from CreditWatch with negative implications. The agency put the ratings on watch on Aug. 12 after the company announced an acquisition. S&P also assigned a stable outlook.

“The increase in leverage from the acquisition of eSolutions is balanced by the benefit to the business. The rating affirmation and stable outlook reflect our view that expected leverage of about 10x in 2021, compared with our prior forecast of 9x, is offset by the benefits of the acquisition,” S&P said in a press release.

The agency said it sees revenue for the company climbing at about 8%-10%, benefiting from industry tailwinds and the value it provides.

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