Moody’s alters Trace3 view to positive

Moody’s Investors Service said it revised its outlook for ASP T3 Parent Holdings Inc. (Trace3) to positive from stable and affirmed its B3 ratings on the company and its $415 million backed senior secured first lien term loan due 2028.

“The change in Trace3's outlook to positive from stable reflects strong operating performance that has led to a meaningful reduction in financial leverage and consistent free cash flow generation since the company's LBO in 2021. Trace3 benefits from its focus on software-IT solutions in high-growth areas.

“Moody's expects Trace3 to continue to de-lever towards 4x and generate annual free cash flow (FCF) to debt of above 5% in the next 12-18 months as it continues to benefit from positive trends in cloud, security, and data analytics,” the agency said in a press release.

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