Fitch lowers Finastra

Fitch Ratings said it downgraded Finastra Ltd.'s issuer default rating to B from BB-.

The outlook was revised to stable from negative.

“The downgrade reflects slower than expected delevering in FY 2019, as compared to Fitch's expectations, primarily due to the faster than expected shift to a subscription based model, which in the long term benefits the company but creates lower cash flow initially as customers no longer make upfront payments to license software,” the agency said in a news release.

© 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.