S&P ups Shift4 Payments

S&P said it raised the issuer credit rating on Shift4 Payments LLC to B from B-. At the same time, S&P affirmed the issue-level rating on the company’s first-lien term loan and revolving credit facility at B but revised the recovery rating to 3 from 2.

Shift4 raised nearly $500 million in proceeds from an initial public offering and private placement. The company used the proceeds to repay $280 million in debt, contributing to a material improvement in leverage, S&P said.

S&P assigned a B issuer credit to Shift4 Payments Inc., the newly created holding company and the sole managing member of Shift4 Payments LLC.

The outlook is stable.

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