Moody's upgrades Paysafe

Moody's Investors Service said it upgraded Paysafe Group Holdings II Ltd.’s corporate family rating to B1 from B3 and probability of default rating to B1-PD from B3-PD.

Concurrently, Moody's upgraded to B1 from B3 the instrument rating on the first-lien backed senior secured facilities held by Pi Lux Finco Sarl, Paysafe Holdings (US) Corp. and PI UK BidCo Ltd.

The outlook has been changed to stable from ratings under review.

The rating follows Paysafe’s previously announced acquisition by the special purpose acquisition company Foley Trasimene Acquisition Corp. II in a transaction that has led to the public listing of Paysafe on the New York Stock Exchange.

“Today's rating action reflects the strengthening of Paysafe's credit profile following the closing of the SPAC transaction resulting in its transition to a public company and a significant reduction in Moody's-adjusted leverage to around 6x from 9x,” said Luigi Bucci, Moody's lead analyst for Paysafe, in a news release.

“At the same time, the rating also reflects a certain degree of debt-funded M&A risk as Paysafe continues to target consolidation in the industry as part of its growth strategy.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.