Moody’s ups Shift4 notes

Moody’s Investors Service said it upgraded Shift4 Payments LLC’s senior unsecured notes were upgraded to Ba3 from B2 and changed the outlook to stable from positive. The agency also affirmed Shift4’s B2 corporate family rating, B2-PD probability of default rating and Ba2 senior secured revolver rating.

Moody’s said the rating actions follow Shift4’s sale of $690 million of convertible senior notes.

The notes’ Ba3 rating, two notches higher than the B2 CFR, reflects subsidiary guarantees. The convertible notes do not benefit from subsidiary guarantees, the agency said.

“The stable outlook reflects Moody’s expectation of total leverage decline over the next 12-18 months driven by organic EBITDA growth and deployment of cash balances for acquisitions,” the agency said in a press release.

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