S&P moves HireRight outlook to stable

S&P said it revised its outlook for HireRight Holdings Corp. (Genuine Financial Holdings LLC) to stable from positive and affirmed the B issuer rating.

“We expect HireRight's revenue to decline by about 10% primarily driven by lower year-over-year macro hiring activity in 2023. Hiring demand began to slow in the third quarter of 2022 and we expect it to last until the second half of 2023. The sharpest declines will be from the company's technology customers (which represented 16% of 2022 revenue) as many technology companies are rightsizing compared to other industries,” the agency said in a press release.

The weaker outlook reflects an expectation for S&P Global Ratings-adjusted leverage to temporarily climb to the low-7x range by the end of 2023 as HireRight operates in a softer end-market demand environment, S&P said.

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