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S&P lifts PeopleCert
S&P said it raised its ratings on PeopleCert Holdings UK Ltd. and its €300 million senior secured notes to B+ from B.
“The upgrade reflects our view that PeopleCert will continue to rapidly reduce leverage after strong operating metrics over the last 18 months. The group reported organic revenue growth of 48% in 2022 and adjusted EBITDA jumped to £74 million from £27 million in 2021 in the first full year of results after the Axelos acquisition at midyear 2021. As such, PeopleCert ended 2022 with S&P Global Ratings-adjusted debt to EBITDA of about 4x, earlier than we expected. The improving credit metrics stemmed from PeopleCert's strong organic revenue growth and high profitability margins, aided by the full release of synergies arising from the integration of Axelos beyond and ahead of our expectations,” the agency said in a statement.
S&P said it projects adjusted leverage declining toward 3x in 2023 and 2024.
The outlook is stable.
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