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S&P elevates ACI Worldwide
S&P said it raised its corporate credit rating on ACI Worldwide Inc. to BB from BB-. The outlook is stable.
At the same time, S&P raised its issue-level rating on the company's senior unsecured notes to BB from BB-. The recovery rating remains 4, indicating an expectation of average recovery (30%-50%; rounded estimate: 30%) in the event of a payment default.
“The upgrade reflects adjusted leverage of 2.8x as of Dec. 31, 2017 (adding back one-time legal and deal costs to EBITDA), down from 3.5x one year prior, and our expectation for modest growth and expanding EBITDA margins over the next 12 months,” S&P said in a news release.
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