Moody’s rates Aptos, facilities B3

Moody's Ratings said it assigned Aspen Jersey Topco Ltd. (Aptos) a B3 corporate family rating and a B3-PD probability of default rating and withdrew the B3 CFR and B3-PD PDR of Aptos Canada Inc. The senior secured first-lien bank credit facilities ratings where Aptos Canada is the issuer were affirmed at B3. The outlook is stable for both entities.

“The ratings affirmation is based on the company's recent performance and Moody's Ratings expectations of flat to low revenue growth and stable EBITDA margins that should lead to slightly lower leverage over the next 12-18 months.

“Moody's Ratings expects Aptos' software-as-a-service (SaaS) revenue, accounting for 65% of total revenue in 2023, to remain stable while some volatility is likely for the non-recurring professional services segment. Debt-to-EBITDA leverage will remain in around 7x while free cash flow to debt will be in the low single-digit area, over the same time period,” the agency said in a press release.

Moody’s said it withdrew the ratings for its own business reasons.

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