S&P lowers MeridianLink

S&P said it lowered its issuer credit rating on MeridianLink (Project Angel Intermediate Holdings LLC) to B- from B as a result of elevated adjusted pro forma debt to EBITDA of about 10x as of Sept. 30.

S&P also lowered its rating on the first-lien debt to B- from B. The 3 recovery rating is unchanged.

“The stable outlook reflects our expectation that over the next 12 months we expect adjusted leverage will decline to the mid-8x area and free operating cash flow (FOCF) generation will be between $20 million and $25 million,” S&P said in a news 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.