S&P lifts Transplace view to positive

S&P said it affirmed Transplace Holdings Inc.'s B- issuer credit rating and revised the outlook to positive from stable.

The agency also said it could raise the ratings if the company performs in line with expectations over the next 12 months, without any major negative impact from trade disruptions.

The agency also said it affirmed the B- rating on the company's first-lien term loan following the company's recent $25 million add-on.

The 3 recovery rating is unchanged.

The company's debt-to-EBITDA declined to about 7x in 2018, from 9x in 2017 due to higher revenues and a decline in transaction costs associated with its acquisition by its private equity sponsor TPG Capital in 2017, S&P said.

This trend is expected to continue in 2019 with debt-to-EBITDA expected to improve to the high-5x range, below previous expectations for leverage in the low-6x range, the agency said.

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