Moody's upgrades Navex

Moody's Investors Service said it upgraded Navex TopCo, Inc.'s corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD. Concurrently, Moody's boosted to B1 from B2 the company's ratings on the $510 million first-lien term loan and $75 million first-lien revolving credit facility. The agency also raised the company's $154 million second-lien senior secured term loan to Caa1 from Caa2.

“The CFR upgrade to B2 from B3 recognizes the company's recent progress in decreasing Moody's adjusted debt/EBITDA and its ability to generate strong free cash flow despite the recent volatility in customer spending resulting from Covid-19. The upgrade also takes into consideration Moody's expectations that over the next 12-18 months Navex will continue to expand scale while sustaining solid margins and liquidity,” the agency said in a press release.

The outlook is stable.

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