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Fitch assigns RealPage B, loans B+, CCC+
Fitch Ratings said it assigned RealPage, Inc. a first-time long-term issuer default rating of B.
The agency also gave a B+/RR3 rating to RealPage's proposed first-lien secured term loan and revolving credit facility and a CCC+/RR6 rating to RealPage's proposed second-lien secured term loan. The outlook is stable.
“The rating and rating outlook reflect RealPage's market position, growth profile and sizable margin expansion potential balanced by very high financial leverage. The company's software is used to manage 19.5 million units (approximately 30% share of an estimated 65 million U.S. total addressable units under management). By comparison, a direct competitor MRI Software represents 11.5 million units and AppFolio represents approximately 5.1 million units. RealPage's residential real estate ERP software is highly entrenched with mid-to-high 90% renewal rates and is 90% subscription-based,” Fitch said in a press release.
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