S&P rates Empower (RevSpring) B-

S&P said it assigned a B- issuer credit rating to Empower Payments Acquisition, Inc.'s parent, Empower Payments Intermediate Holdings Inc. (RevSpring).

The B issue-level rating on RevSpring's first-lien credit facilities and the CCC issue-level rating on its second-lien term loan are unchanged. The recovery ratings remain 2 and 6, respectively.

The outlook is stable.

“Our rating on RevSpring reflects its high debt leverage, aggressive financial policy and financial sponsor ownership, small scale in a highly competitive industry, and limited differentiation from peers,” S&P said in a news release.

“The company's sticky customer base, with high revenue retention, and health care and financial services regulations supporting print mail, support the rating.”

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