S&P shifts Transact view to positive

S&P said it affirmed Transact Holdings Inc.’s outlook to positive from negative and affirmed the CCC+ issuer rating. Concurrently, the agency assigned the CCC+ issuer credit rating with a positive outlook to RCP Vega Inc., the parent company and audited entity.

“The positive outlook reflects our expectations for higher revenue growth and profitability leading to improved credit metrics and liquidity over the next year. This is supported by solid industry fundamentals and growing momentum in the company's business, such as campus reopenings and new client wins. We see a path to achieving improved credit measures such as leverage in the low-9x area and free cash flow to debt of about 2%-3% by fiscal year-end 2021 as the company has completed its separation steps (i.e., personnel and systems) from Blackboard Inc.,” S&P said in a press release.

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