Moody’s stabilizes Global University view

Moody’s Investors Service said it changed its outlook for Global University Systems Holding BV (GUS) to stable from negative and affirmed its B2 ratings, including the B2 ratings on the €1 billion backed senior secured term loan B due 2027 and the £120 million backed senior secured revolving credit facility due 2026, both issued by Markermeer Finance BV.

The stable outlook reflects GUS’ improved performance over the past year with 32% revenue growth reached in financial year 2023, ended May 31, and a Moody's-adjusted EBITDA that has grown to top £200 million, the agency said.

“It is further supported by Moody's expectation that GUS' Moody's-adjusted leverage will decrease below 6x by the end of financial year 2024. After a prolonged period of elevated leverage above Moody's expectations for the B2 rating, partly explained by a changed revenue mix as the scale of its recruitment services operations has subsided, GUS has returned to EBITDA growth in the first quarter of financial year 2024,” the agency said in a press release.

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