Moody's upgrades Soliant

Moody's Investors Service said it upgraded TTF Holdings, LLC's (Soliant) corporate family rating to B1 from B2, the probability of default rating to B1-PD from B2-PD and the senior secured first-lien instrument ratings to B1, including a $30 million revolving credit facility and a $500 million term loan.

“The ratings upgrade reflects Soliant's increased size, improved profitability and cash flow generation capacity. The company has more than doubled its scale since its 2019 separation from Adecco Group AG (Baa1 stable), with $920 million in revenue as of the 12 months ending September 2022, reflecting a strong competitive position. Soliant is a leader within the niche special education and healthcare markets it serves. Improved EBITDA margins around 20% (Moody's adjusted) and Moody's expectation for sustained growth and governance policies that keep financial leverage below 4.5x also support the ratings upgrade,” Moody’s said in a press release.

The outlook is stable.

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