Fitch upgrades PeopleCert

Fitch Ratings said it upgraded PeopleCert Wisdom Ltd.'s long-term issuer default rating to B+ from B. The agency also lifted the senior secured notes issued by PeopleCert Wisdom Issuer plc to BB- from B+ with an RR 3 recovery rating.

“The upgrade follows the strong current trading of PeopleCert and its material increase in EBITDA and free cash flow (FCF) following its merger with Axelos Ltd. (Axelos) in 2021. We now expect our funds from operations (FFO) gross leverage to be at 4.2x by end-2022, commensurate a B+ rating for a company with PeopleCert's operating profile and scale,” Fitch said in a press release.

The outlook is stable.

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