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S&P ups Dun & Bradstreet
S&P said it upgraded the Dun & Bradstreet Corp.’s issuer, first-lien and unsecured debt ratings to B+ from B-. The recovery ratings on the debt are unchanged.
The upgrade primarily reflects S&P’s expectation the company will use a substantial portion of the $2.38 billion of proceeds raised through its IPO to repay about $1.07 billion of the principal on its preferred stock and $300 million of the principal under its unsecured notes, the agency said.
S&P said it expects Dun & Bradstreet’s leverage to improve to about 5.6x as of the end of 2020 from almost 7.9 before the IPO.
The outlook is positive.
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