S&P turns Nexus outlook to positive

S&P said it revised its outlook for Nexus Buyer LLC to positive from stable and affirmed the B- issuer rating. The agency also affirmed the B- issue-level and 3 recovery ratings on the first-lien credit facility and the CCC issue-level and 6 recovery ratings on the second-lien credit facility.

“The outlook revision reflects our expectation for sustained earnings growth that will steadily improve IntraFi's capacity to maintain credit metrics commensurate with a higher rating, inclusive of potential large leveraging transactions. IntraFi's S&P Global Ratings-adjusted leverage declined to about 4.6x as of Sept. 30, 2023 from over 7x in 2022.

“Under our updated base-case forecast, we expect its leverage will decline below 4x in 2024, primarily driven by the rapid increase in reciprocal deposit volumes placed amid stresses on the banking sector in 2023,” S&P said in a press release.

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