Moody’s gives B3 to BCP V

Moody's said it assigned a B3 corporate family rating and a B3-PD probability of default rating to BCP V Everise Acquisition LLC, the entity at which financials are reported, and withdrew Everise Holding Pte. Ltd.'s B3 CFR, B3-PD PDR ratings and the stable outlook. The agency revised the outlook for BCP V to positive from stable.

Concurrently, the agency affirmed the B3 ratings on Everise’s $50 million revolving credit facility expiring in May 2027 and a $210 million term loan B due May 2027.

“The change to a positive outlook from stable recognizes Everise's strong operating performance and faster-than-expected improvement in financial metrics. Financial leverage, as expressed by debt to EBITDA, has considerably reduced to 3.2x for 2022, which is strong for the B3 CFR. For 2023, Moody's projects financial leverage to decline below 2.5x, supported by at least 10% organic growth driven by expanding wallet share with existing clients and new logo wins,” the agency said in a press release.

© 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.