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Fitch assigns Paymentsense B, notes B+
Fitch Ratings said it assigned Hurricane Bidco Ltd. (Paymentsense) a long-term issuer default rating of B with a stable outlook. Fitch also assigned Hurricane Finance plc’s senior secured notes of £290 million an expected rating of B+/RR3/64%.
“The ratings of Paymentsense are constrained by its small scale, limited geographic and value chain diversification and high initial leverage with funds from operations (FFO) gross leverage, which we expect to peak at 7.1x by financial year to March 2021,” Fitch said in a press release.
A strong growth profile helps the ratings in the U.K.’s payments and a recurring cash generative model, Fitch said.
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