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S&P puts First Advantage on positive watch
S&P said it placed First Advantage Holdings LLC’s ratings on CreditWatch with positive implications.
The placement follows news the company’s parent, First Advantage Corp., filed for an IPO and plans to use a significant amount of the proceeds for debt reduction.
As of March 31, First Advantage’s first-lien debt amounted to about $765 million. “As such, we estimate that a successful IPO would enable First Advantage to reduce its adjusted debt to EBITDA below 5x in 2021, which is a level that we view as commensurate with a higher rating,” S&P said in a press release.
The agency said it plans to resolve the CreditWatch placement when the IPO closes and the company repays its debt, at which point S&P said it expects to raise its issuer credit and issue-level ratings.
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