Moody's upgrades Evertec

Moody's Investors Service said it upgraded Evertec Group, LLC's corporate family rating to B1 from B2 and probability of default rating to B2-PD from B3-PD. Moody's also raised the ratings on Evertec's senior secured bank credit facilities to B1 from B2. The SGL-1 speculative grade liquidity rating is unchanged.

“The upgrades reflect Moody's expectation that Evertec will continue to grow revenues in at least the mid- to high-single digit percent range over the next 12-18 months while also maintaining very good liquidity and moderate leverage and further diversifying its business,” the agency said in a press release.

The outlook remains stable.

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