S&P ups IFS

S&P said it raised its ratings for IGT Holding IV AB (IFS AB) and its senior secured term loan to B from B-. The agency also revised the loan’s recovery rating upward to 3 from 4.

“The pandemic and related economic disruption in 2020 created a risk of revenue disruptions and cash collection issues that could have undermined IFS’ operating performance. However, IFS reported revenue growth of around 10% in 2020, outperforming the market,” S&P said in a press release.

With many people forced to work from home, companies accelerated their digital information plans, which rely heavily on the solutions IFS provides, the agency said.

“We expect that companies’ continued investment in their digital transformation, coupled with the modular and mission-critical nature of IFS’ solutions, will drive solid organic annual revenue growth of 10%-15% for the company in the coming years,” S&P said.

The outlook is stable.

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