S&P upgrades Cimpress

S&P said it raised its corporate credit rating on Cimpress NV to BB from BB- and raised the issue-level ratings on the company's $745 million senior secured revolving credit facility and $300 million senior secured term loan A to BBB- from BB+.

The recovery rating remains 1, indicating an expectation for very high recovery (90%-100%; rounded estimate: 95%) in the event of a default.

The agency also raised the issue-level rating on Cimpress' $275 million senior unsecured notes to B+ from B. The recovery rating remains 6, indicating an expectation for negligible recovery (0%-10%; rounded estimate: 5%) in the event of a default.

The outlook is stable.

“The upgrade reflects Cimpress' progress in executing its growth strategy and diversifying its business lines while strengthening its position as a low-cost provider of marketing products for small and microbusinesses,” S&P said in a news release.

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