S&P puts Comdata on positive watch

S&P said it placed Comdata SpA’s CCC+ ratings, on CreditWatch with positive implications.

The placement follows the company’s agreement to merge with Giralda Holding Conexion SLU (Konecta). The transaction is expected to close by the end of the third quarter of 2022.

“We placed our ratings on Comdata on CreditWatch with positive implications to reflect that we could raise our ratings following the close of this transaction. Although the exact details of the transaction are not yet disclosed, we expect that Comdata will repay its outstanding debt through a combination of a new equity contribution from Konecta's current owners ICG, equity rolled over by management and new debt facilities,” S&P said in a press release.

The agency said it aims to resolve the CreditWatch once the deal closes.

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