S&P upgrades ThoughtWorks

S&P said it raised its issuer credit rating on ThoughtWorks Inc. to B from B-. The outlook is stable.

S&P also raised its issue-level rating on the company's senior secured credit facilities, consisting of a $60 million revolving credit facility expiring in 2022 and a $270 million senior secured term loan due in 2024, to B from B-. The 3 recovery rating is unchanged and indicates an expectation for meaningful recovery (50%-70%; rounded estimate: 50%) in the event of payment default.

“In the 12 months since the ownership change, ThoughtWorks produced strong revenue growth in fiscal year 2018, which we now expect to be around 18%, exceeding the 16% in 2016 and 17% in 2017,” S&P said in a news release.

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