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Moody's Investors Service ("Moody's") downgraded Verifone Systems, Inc.'s (Verifone) Corporate Family Rating (CFR) to B3 from B2 and Probability of Default Rating (PDR) to B3-PD from B2-PD. The company's senior secured credit facility rating was downgraded to B3 from B2. Verifone's credit profile is constrained by limited revenue growth and elevated leverage (Moody's adjusted total leverage of 6.9x at fiscal 2019 year-end, adding back one-time items but not pro forma for unrealized cost savings).
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Verifone Systems, Inc. New York, October 09, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Verifone Systems, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
The Hong Kong-based company has a balance sheet full of cash. This year, it will produce record profits and trade at the lowest ratios in its history Continue reading...