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Moody’s raises VeriFone, loans to Ba2
Moody's Investors Service said it upgraded VeriFone, Inc.'s corporate family rating to Ba2 from Ba3, probability of default rating to Ba3-PD from B1-PD and the ratings for its first-lien senior credit facilities to Ba2 from Ba3.
The outlook is stable.
The agency also raised VeriFone's speculative grade liquidity rating to SGL-1 from SGL-2.
Moody’s said the upgrade of the corporate family rating reflects VeriFone's improved financial profile driven by accelerated debt repayment and EBITDA growth. Net debt has declined by $162 million between year-end 2013 and 2015 and total debt to EBITDA (Moody's adjusted) has improved from the high 4 times to 2.9 times over this period.
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