S&P rates PeopleCert, notes B

S&P said it gave PeopleCert and its new €300 million of senior secured notes B ratings. The notes’ recovery rating is 3, (rounded estimate: 50%), based on an expectation of meaningful recovery in default.

“We anticipate that PeopleCert, although relatively small, will experience high growth and sound free cash flow generation that will see it rapidly deleverage from currently high levels. We expect the group to close 2021 with pro forma S&P Global Ratings-adjusted leverage of 5.6x, and deleverage to 4x-4.5x in 2022,” the agency said in a press release.

PeopleCert used the proceeds to partially fund the acquisition of Axelos for £389 million.

The outlook is stable.

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