S&P upgrades Worldpay, notes

S&P said it raised its long-term corporate credit ratings on Worldpay Group plc and Worldpay Finance plc to BB+ from BB.

The outlooks are negative.

At the same time, the agency raised its issue rating on the outstanding €500 million unsecured notes issued by Worldpay Finance to BB+ from BB. The recovery rating of 3 reflects an expectation of meaningful recovery prospects (rounded estimate: 65%) in the event of a payment default.

S&P removed all the ratings from CreditWatch, where they were placed with positive implications on July 17, 2017.

“The upgrades follow the completion of Vantiv's acquisition of Worldpay on Jan. 16 and reflects our assessment of Worldpay as a core subsidiary of Vantiv,” the agency said in a news release.

“As a result, we align our ratings and outlook on Worldpay with those on Vantiv.”

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