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S&P raises Zellis
S&P said it upgraded its ratings for Zellis Holdings Ltd. and its first-lien secured debt to CCC+ from SD and D, respectively.
The agency downgraded Zellis after it amended its terms loans allowing it to partly pay-in-kind interest. Owner Bain Capital injected £40 million in equity, which improved the company’s liquidity and reduced the risk of default.
“Zellis' resilience in the face of the Covid-19 pandemic has led us to improve our revenue growth forecast; however, this is subject to execution risk relating to the new cloud-native human capital management (HCM) platform,” the agency said in a press release.
The agency also revised its revenue growth forecast upward to about 1%-2% in FY2021 followed by 7%-9% in FY2022, S&P said.
The outlook is stable.
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