Fitch gives Worldpay notes BBB-

Fitch Ratings said it assigned BBB-/RR1 issue-level ratings for the new senior secured notes being issued by Worldpay (Boost Newco Borrower, LLC). The senior notes are backed by substantially all assets of the company and are equal to the company's recently launched senior secured term loans and revolving credit facility.

The long-term issuer default rating for Worldpay is BB, and the outlook is stable. “Notching on the senior secured instruments is in line with Fitch's "Corporates Recovery Ratings and Instrument Ratings Criteria" and reflects the agency's assessment that these instruments are category 1 first liens, which implies a rating two notches above the IDR,” the agency said in a press release.

The new financing supports Worldpay's spinoff from Fidelity National Information Services, Inc. (FIS; BBB/stable), which it has been operating under since 2019.

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