Fitch views Paymentsense positively

Fitch Ratings said it revised its outlook for Paymentsense (Hurricane Bidco Ltd.) to positive from stable and affirmed its B issuer and B+/RR3 senior secured note ratings. Subsidiary Hurricane Finance plc issued the £335 million of 8% notes due 2025.

“The outlook revision reflects Paymentsense's strong growth profile, improving profitability and our expectation that the company's EBITDA gross leverage will decline to below 5x in FY24 (year-end March). While we expect the company's free cash flow (FCF) generation will be negative in FY24-FY25 due to high capex, it should turn positive in FY26 subject to the trend in future financing costs,” Fitch said in a press release.

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