Fitch revises InfoPro view to stable

Fitch Ratings said it revised IPD3 BV's (InfoPro Digital) outlook to stable from negative and affirmed the business services group's long-term issuer default rating at B.

The agency also affirmed the €815 million of senior secured notes maturing in 2025 at B+/RR3 following IPD's €115 million tap that is being used to finance acquisitions made this year.

“The stable outlook reflects a better-than-expected performance in IPD's core operations of providing business-to-business information and services, combined with a gradual recovery and improved visibility of trade-show revenues. We forecast funds flow from operations (FFO) gross leverage of 7x at end-2021, pro forma for acquisitions in 2021. This is at our leverage negative sensitivity with scope for further deleveraging over the next three years,” Fitch said in a press release.

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