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S&P elevates ADT ratings
S&P said it raised the issuer credit rating on ADT Inc. to BB- from B+.
The outlook is stable.
ADT “exceeded our expectations” as solid growth in EBITDA led to leverage of slightly under 4x in the 12-month period ended March 31, 2023, versus S&P’s previous forecast of mid-4x.
“We expect credit metrics to strengthen, bolstered by performance growth, ADT's debt repayment commitment, and our views of improved governance on the back of Apollo's reducing ownership stake,” S&P said in a news release.
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