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Moody’s changes Alight, Tempo view
Moody's Investors Service said it affirmed the existing Ba3 instrument ratings on the first-lien senior secured credit facilities issued by Tempo Acquisition, LLC, including a $300 million revolving facility due 2026, a roughly $2.5 billion term loan due 2028 and $300 million of 5¾% senior secured notes due 2025.
Moody's also assigned a Ba3 corporate family rating and a Ba3-PD probability of default rating to Alight, Inc., and withdrew Tempo Acquisition’s Ba3 corporate family rating and Ba3-PD probability of default rating.
Alight is the parent company.
The speculative grade liquidity rating remains SGL-1.
The outlook was changed to negative from stable driven by recent performance of the company, Moody’s said.
“Whilst Alight has been able to grow revenue over the past few years as it added clients and has undertaken initiatives to improve profit margins, leverage has remained elevated with debt to EBITDA at 5.9x as of the end of March 2023, which Moody's expects to remain above 5.0x this year,” the agency said in a news release.
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