S&P boosts Navex loans

S&P said it raised Navex TopCo Inc.’s issuer and first-lien debt ratings to B from B-. The agency also boosted the second-lien debt to CCC+ from CCC. The recovery ratings remain 3 and 6, respectively.

“Navex's financial performance in recent quarters led to adjusted debt to EBITDA that is lower than the 7x threshold for an upgrade, where we expect it to remain over the next 12 months. The company outperformed our expectations with leverage in the mid-5x area in the trailing-12-month period ended Sept. 30, 2021,” the agency said in a press release.

S&P said it forecasts Navex’s revenue to increase to the high-single-digit percentage area in 2022, with a normalization of EBITDA margins around mid-30% over the same period.

The outlook is stable.

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