Moody's upgrades Minotaur

Moody's Investors Service said it upgraded Minotaur Acquisition, Inc.'s corporate family rating to B2 from B3, its backed senior secured first-lien revolving credit facility rating to B1 from B2, its backed senior secured first-lien term loan rating to B1 from B2 and its backed senior secured second-lien term loan rating to Caa1 from Caa2.

“The ratings upgrade reflects Minotaur's strong growth in client accounts and assets with market leadership in the automatic rollover individual retirement account (IRA), self-directed IRA, fund custody, and consumer-directed benefits markets. Minotaur's scale, as measured by client accounts and assets has increased significantly over the past three years due to strong organic performance and following its 2022 acquisition of PayFlex Holdings, Inc. (PayFlex), a provider of health savings accounts (HSAs) and consumer-directed benefit administration services. These developments have lifted Minotaur's total client accounts to around 5.6 million and assets under custody to around $56 billion as of Dec. 31, 2022, up from 1.5 million and $29 billion as of Dec. 31, 2019,” Moody’s said in a press release.

The agency said it also sees the higher interest rate environment helping to boost Minotaur's profitability and enable it to continue to delever over the next 12 to 18 months.

Minotaur's outlook remains stable.

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