S&P shifts Symplr outlook to stable

S&P said it changed Symplr Software Intermediate Holdings Inc.’s outlook to stable from negative and affirmed the issuer B- rating and the B rating on the first-lien debt. The recovery rating remains 2, indicating an expectation for substantial (70%-90%; rounded estimate: 75%) recovery in default.

“We revised the outlook to stable from negative, reflecting our expectation that Symplr will produce at least mid-single-digit percentage organic revenue growth and flat or positive cash flow. We expect the company to continue its aggressive financial policy, pursuing large debt-funded acquisitions that maintain leverage above 10x with minimal free operating cash flow (FOCF). However, we view these acquisitions as supplementary to its organic growth and, thus, discretionary,” S&P said in a press release.

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