Moody’s shifts First Advantage view to positive

Moody’s Investors Service said it changed the outlook to positive from negative and affirmed First Advantage Holdings, LLC’s B3 corporate family rating and B3-PD probability of default rating.

Simultaneously, Moody’s affirmed the B2 rating for the company’s first-lien senior secured credit facility and the Caa2 rating for its senior secured second-lien term loan.

“The affirmation of First Advantage’s ratings and positive outlook reflect the stabilization of background screening volumes and Moody’s expectation that the trends will begin to normalize over the next several quarters such that First Advantage’s revenue and earnings will recover fully from the declines caused by the Covid-19 pandemic by the end of 2020. The positive outlook also reflects Moody’s view that the diversification of First Advantage’s customer base across industries, in conjunction with its favorable mix of enterprise clients, will contribute to the resiliency of the company’s operating performance over the next 12-18 months,” the agency said in a press release.

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