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S&P ups TMF Sapphire Midco
S&P said it upgraded Sapphire Midco BV and Sapphire Bidco BV and the group's first-lien senior secured debt to B from B- and raised the issue rating on the group's second-lien loan to CCC+ from CCC.
“The upgrade reflects better-than-expected operating results, as well as our anticipation of further improved earnings and cash flows in the coming 12 months. The Covid-19 pandemic has not had a large impact on TMF Group's operating results in 2020, because the group was able to implement remote working and digitalize delivery processes quickly,” S&P said in a press release.
The outlook is stable.
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