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Moody’s lifts PeopleCert
Moody's Investors Service said it upgraded PeopleCert Wisdom Ltd.'s corporate family rating to B1 from B2 and probability of default rating to B1-PD from B2-PD.
Moody's upgraded to B1 from B2 the instrument rating of the €300 million backed senior secured notes due September 2026 issued by PeopleCert Wisdom Issuer plc.
The outlook is stable.
The agency said the upgrade reflects the company's continued strong operating performance, with a 46% increase in revenue to £118 million and 58% growth in Moody's-adjusted EBITDA to £74 million in the financial year ended Dec. 31, 2022, compared to 2021 and pro forma for the Axelos acquisition.
As a result, PeopleCert's Moody's-adjusted debt/EBITDA has decreased to 3.6x at the end of December 2022 and Moody's-adjusted free cash flow has reached nearly £32 million or around 12% of adjusted debt.
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