S&P puts Paysafe on positive watch

S&P said it placed all its Paysafe Group Holdings II ratings on CreditWatch with positive implications.

The placement follows the announcement Paysafe will merge with special-purpose acquisition corporation Foley Trasimene Acquisition Corp. II, the agency said.

“We view the merger and listing as credit positive for Paysafe as it will lead to about a $1.12 billion reduction in debt from new equity, representing about one-third of the company’s outstanding gross debt. This will lower Paysafe’s S&P Global Ratings-adjusted debt to EBITDA to 5x-5.5x in 2021 from 9x-9.5x in 2020,” S&P said in a press release.

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