Moody's ups some First Advantage ratings

Moody's Investors Service said it upgraded First Advantage Holdings, LLC's corporate family rating to B2 from B3 and its probability of default rating to B2-PD from B3-PD.

At the same time, Moody's affirmed the B2 rating on the company's first-lien senior secured credit facility, consisting of an upsized $770 million due 2027 (including a new $100 million incremental term loan) and a $75 million revolving credit facility due 2025.

The outlook was changed to stable from positive.

“The upgrade of the CFR to B2 is supported by First Advantage's strong business recovery in 2020 to above pre-pandemic levels, including timely cost actions that has led to meaningful improvement in credit metrics and liquidity,” Moody’s said in a news release.

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