Moody's assigns PeopleCert, notes B2

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to PeopleCert Wisdom Ltd. Concurrently, Moody's gave a B2 instrument rating to the contemplated €300 million of backed senior secured fixed rate notes due 2026 to be issued by PeopleCert Wisdom Issuer plc.

“The ratings reflect PeopleCert's business profile as an established operator in the industry for certification of persons, offering products across a wide spectrum of disciplines with strong market shares in the area of IT and project management. The acquisition of Axelos has significantly enhanced PeopleCert's credit profile, creating a vertically integrated operator that owns 98% of the underlying intellectual property from which it derives its revenues. Supported by its strong profitability, Moody's expects PeopleCert to rapidly delever from the initial 5.7x leverage at closing of the transaction, somewhat dependent on the successful integration of Axelos and the realization of associated synergies,” Moody’s said in a press release.

The outlook on all ratings is stable.

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