Moody’s alters Corsair outlook to stable

Moody’s Investors Service said it revised its outlook for Corsair Gaming, Inc. to stable from negative and affirmed its ratings, including the B2 rating on the senior secured bank credit facility, and upgraded the speculative grade liquidity rating to SGL-2 from SGL-3.

“The revision of the outlook to stable from negative reflects Corsair's earnings recovery through the first nine months of 2023, driving lower debt-to-EBITDA leverage and improving free cash flow. Moody's adjusted EBITDA margin improved about 250 basis points for the 12 months ended (LTM) September 2023 compared to the year ending 2022, which along with renewed revenue growth resulted in LTM debt-to-EBITDA leverage declining to about 5x compared to a very high 13x as of 2022,” Moody’s said in a press release.

The agency said it now expects Corsair’s revenue will increase 2% to 3% in 2024 and adjusted EBITDA will grow in a mid-single-digit percentage range.

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