S&P places Waystar on positive watch

S&P said it placed all its ratings for Waystar Technologies Inc., including its B- issuer rating, on CreditWatch with positive implications.

“The CreditWatch placement follows Waystar's S-1 filing, which indicates it could undertake an IPO. The company has not specified the expected proceeds but has indicated its intention to use the proceeds to repay outstanding debt, starting with its higher-cost second-lien facility. Its total debt outstanding as of June 30, 2023, was $2.2 billion with a trailing-12-month S&P Global Ratings-adjusted debt-to-EBITDA ratio of 7.2x, and we believe the leverage ratio could be significantly lower following the IPO and debt repayment,” S&P said in a statement.

The agency said it plans to resolve the positive watch once Waystar completes its IPO and lowers its debt.

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