Fitch: Broadridge notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Broadridge Financial Solutions, Inc.’s senior unsecured notes.

The proceeds will be used to repay outstanding debt under its senior credit facility, finance acquisitions and general corporate purposes, Fitch said.

Broadridge’s issuer default rating is BBB+ and the outlook is stable.

The company benefits from contractual sale agreements and a business model that demonstrates a 90% recurring revenue stream and a 98% client revenue-retention rate, Fitch explained.

The agency said it believes the company can sustain its competitive position given its long-term client relationships, integral service provided to meet regulatory compliance and high switching cost associated with changing vendors.

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