Moody's changes WebPros' outlook to positive from stable; first lien credit facilities upgraded to B2 - Moody's Global Credit Research

Moody's changes WebPros' outlook to positive from stable; first lien credit facilities upgraded to B2

Moody's changes WebPros' outlook to positive from stable; first lien credit facilities upgraded to B2 - Moody's Global Credit Research
Moody's changes WebPros' outlook to positive from stable; first lien credit facilities upgraded to B2
Published Sep 28, 2021
7 pages (3483 words) — Published Sep 28, 2021
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...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

  
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Particle Investments S.a.r.l.
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Particle Investments S.a.r.l.: Update to credit analysis - Credit Opinion – 2023/07/19 – US$ 250.00 – ...Particle Investments S.a.r.l.'s (WebPros or the company) B2 corporate family rating (CFR) is supported by: 1) the company's strong market position as a provider of web hosting automation software; 2) its strong reputation and long-standing relationships with hosting partners with low churn rates, reflecting the low tendency of web hosting providers to change control panels; 3) our expectation of revenue and EBITDA growth, supported by recurring product repricing; and 4) the company's good liquidity profile, underpinned by solid free cash flow (FCF) generation and access to a fully undrawn $60 million revolving credit facility (RCF). At the same time, the rating is constrained by: 1) the company's limited portfolio offering, mainly concentrated on two similar products; 2) the small addressable market; 3) the reliance of its sales strategy on large web hosting partners; and 4) the uncertainties related to the impact of the ongoing trend towards consolidation in the web hosting industry....

Particle Investments S.a.r.l.: Update following upgrade to B2 - Credit Opinion – 2022/05/20 – US$ 250.00 – ...The B2 corporate family rating (CFR) of Particle Investments S.a.r.l., the holding company for the automation software provider WebPros, is mainly supported by (1) the company's strong position in the niche market for web hosting control panels; (2) its strong renewal rates and limited churn; (3) the risks and costs for web hosting providers in changing control panels; and (4) the company's strong revenue and EBITDA growth following recurring product repricing; and (5) good liquidity profile boosted by good free cash flow (FCF) generation. However, the credit quality of the company is primarily constrained by (1) its high Moody's- adjusted leverage of 5.0x over the last twelve months (LTM) to March 2022; (2) the company's small addressable market; (3) its limited portfolio offering, mainly concentrated on two similar products; (4) the reliance of its sales strategy on large web hosting partners; and (5) increasing cost base in 2022, limiting EBITDA growth over the year....

Moody's upgrades WebPros' CFR to B2 from B3; stable outlook - Rating Action – 2022/05/19 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Particle Investments S.a.r.l.: Update following change in outlook to positive - Credit Opinion – 2021/09/28 – US$ 250.00 – ...The B3 corporate family rating (CFR) of Particle Investments S.a.r.l., the holding company for the automation software provider WebPros, is mainly supported by (1) WebPros' strong position in the niche market for web hosting control panels; (2) its strong renewal rates and limited churn; (3) the risks and costs for web hosting providers in changing control panels; and (4) the company's strong revenue and EBITDA growth following recurring product repricing in the 2019-2021 period. However, the credit quality of the company is primarily constrained by (1) its high Moody's- adjusted leverage of 5.8x for the 12 months that ended June 2021; (2) the company's small addressable market; (3) its limited portfolio offering, mainly concentrated on two similar products; and (4) the reliance of its sales strategy on large web hosting partners....

Particle Investments S.a.r.l.: Update to credit analysis - Credit Opinion – 2021/06/16 – US$ 250.00 – ...The B3 corporate family rating (CFR) of Particle Investments S.a.r.l., the holding company for the automation software provider WebPros, is mainly supported by (1) WebPros' strong position in the niche market for web hosting control panels; (2) its strong renewal rates and limited churn; (3) the risks and costs for web hosting providers in changing control panels; and (4) the company's strong revenue and EBITDA growth following recurring product repricing in 2019 and 2020. However, the company's credit quality is primarily constrained by (1) its high Moody's-adjusted leverage of 6.2x for the 12 months that ended March 2021; (2) the company's small addressable market; (3) its limited portfolio offering, mainly concentrated on two similar products; (4) the reliance of its sales strategy on large web hosting partners; and (5) debt-funded M&A risk. WebPros' ratings are now adequately positioned in the B3 category....

Particle Investments S.a.r.l.: New issuer - Credit Opinion – 2020/05/12 – US$ 250.00 – ...The B3 corporate family rating (CFR) of Particle Investments S.a.r.l., the holding company for the automation software provider WebPros, is mainly supported by (1) the company's strong position in the niche market for web hosting control panels; (2) its strong renewal rates and limited churn; (3) the risks and costs for web hosting providers in changing control panels; (4) our expectation of revenue and EBITDA growth following the repricing of its cPanel product; and (5) its adequate liquidity, supported by strong cash conversion rates. However, the credit quality of the company is primarily constrained by (1) the high Moody's adjusted leverage of 9.0x at closing of the transaction and before pricing run-rate adjustments; (2) its small addressable market; (3) its limited offering largely concentrated on two similar products; (4) its reliance on large web hosting partners; and (5) the limited track record as a combined business under the current financial perimeter following a period of...

Moody's assigns first time B3 ratings to WebPros; stable outlook - Rating Action – 2020/05/07 – US$ 180.00 – Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or...

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Moody's Global Credit Research—Moody's Investors Service, a leading global credit rating, research and risk analysis firm, publishes credit opinions, research, and ratings on fixed-income securities, issuers of securities and other credit obligations. Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Ratings also create efficiencies in fixed-income markets and similar obligations, such as insurance and derivatives, by providing reliable, credible, and independent assessments of credit risk. For issuers, Moody's services increase market liquidity and may reduce transaction costs.

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MLA:
Moody's Global Credit Research. "Moody's changes WebPros' outlook to positive from stable; first lien credit facilities upgraded to B2" Sep 28, 2021. Alacra Store. Mar 29, 2024. <http://www.alacrastore.com/moodys-credit-research/Moody-s-changes-WebPros-outlook-to-positive-from-stable-first-lien-credit-facilities-upgraded-to-B2-PR_455115>
  
APA:
Moody's Global Credit Research. (). Moody's changes WebPros' outlook to positive from stable; first lien credit facilities upgraded to B2 Sep 28, 2021. New York, NY: Alacra Store. Retrieved Mar 29, 2024 from <http://www.alacrastore.com/moodys-credit-research/Moody-s-changes-WebPros-outlook-to-positive-from-stable-first-lien-credit-facilities-upgraded-to-B2-PR_455115>
  
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