Moody's upgrades WebPros

Moody's Investors Service said it upgraded Particle Investments Sarl's (WebPros Group) corporate family rating to B2 from B3 and its probability of default rating to B2-PD from B3-PD.

Concurrently, the agency affirmed the B2 instrument rating on the backed senior secured first-lien term loan and the backed senior secured first-lien revolving credit facility. The outlook changed to stable from positive.

"The upgrade largely reflects the continued strong operating performance of the company boosted by recurring price adjustments. This had a led to rapid deleveraging following the LBO and good free cash flow levels" said Luigi Bucci, Moody's lead analyst for WebPros, in a press release.

"While the company is expected to slow-down its EBITDA growth trajectory over 2022 on the back of an increased cost base, credit metrics will continue to strengthen within the B2 rating category," Bucci added.

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