S&P turns EVO Payments view to stable

S&P said it revised the outlook for EVO Payments International to stable from negative and affirmed all its ratings, including the B issuer rating.

“EVO's operating performance showed significant sequential improvement in the third quarter of 2020 and year-to-date performance exceeded our previous expectation, despite the continued burden of the pandemic. Transaction volumes troughed in April to about 29% year-over-year, and since then EVO has reported a quicker recovery in its key metrics by sequentially increasing transaction volume and swift cost reductions,” S&P said in a press release.

The outlook reflects the view EVO’s operating performance will continue to improve as various regional lockdowns ease and consumer spending slowly and sequentially rebounds going into 2021, contributing to leverage sustained below 6.5x and free cash flow generation of about $40 million-$50 million in the next year, Moody’s said.

© 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.