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Moody's alters Paysafe view to negative
Moody's Investors Service said it changed the outlook to negative from stable and affirmed the B1 corporate family rating and B1-PD probability of default rating of Paysafe Group Holdings II Ltd.
Concurrently, Moody's affirmed the B1 ratings on the senior secured bank credit facilities and backed senior secured notes borrowed at subsidiaries Paysafe Holdings (US) Corp., Paysafe Holdings UK Ltd. and Paysafe Finance plc.
"The change in outlook to negative from stable mainly reflects our expectations of weaker operating performance over 2021-2022 as a result of the challenges faced by Paysafe's digital wallets division together with the slower than expected signing of new ecommerce clients," said Luigi Bucci, Moody's lead analyst for Paysafe, in a press release.
"As a consequence, Moody's-adjusted leverage is likely to stand at around 6x-6.5x in 2022, a level which is very high for the current B1 rating" added Bucci.
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