S&P lifts WebPros

S&P said it upgraded its ratings on WebPros (Particle Investment Sarl) and its first-lien senior secured facilities to B+ from B. The recovery rating remains unchanged at 3, reflecting an estimate of about 65% recovery (rounded estimate) if the company defaults.

“The upgrade is supported by WebPros' solid track record of debt repayments, which improved its credit metrics. WebPros prepaid $82 million of debt in 2022, and an additional $38 million in the first half 2023, leading adjusted debt to decline to $533 million in the first-half 2023 from $653 million in 2021. We calculate adjusted debt to EBITDA declined to about 4.2x at the end of first-quarter 2023 from 4.5x in 2022 and 5.7x in 2021.

“We expect the company will continue with its repayments in the second half of 2023 and–coupled with our estimation of 7% annual revenue growth–this may lead to leverage below 4x in 2023,” S&P said in a press release.

The outlook is stable.

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