Particle Investments S.a.r.l.: Update to credit analysis

Webpros Investments S.a.r.l.: Update following upgrade to B1 - Credit Opinion – 2024/03/13 – US$ 250.00 – ...On 12 March 2024, we upgraded the corporate family rating (CFR) of Webpros Investments S.a.r.l. (WebPros or the company) to B1 from B2 to reflect the solid operating performance of the company over the past couple of years and our expected improvements to interest coverage, free cash flow and liquidity profile of the group following the refinancing of its debt. The rating action also reflected the company's prudent financial policy, demonstrated by the voluntary prepayments of the second lien term loan over the past three years and confirmed by the largely leverage neutral nature of the refinancing transaction. WebPros' B1 CFR further reflects: the company's strong market position as a global provider of web hosting automation software solutions; its long-standing relationships with hosting partners with limited churn rates, reflecting the low tendency of web hosting providers to change control panels; our expectation of further revenue and earnings growth, supported by recurring product...

Moody's upgrades WebPros' CFR to B1 from B2; stable outlook - Rating Action – 2024/03/12 – 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...

Webpros Investments S.a.r.l.: Update following change in outlook to positive - Credit Opinion – 2023/12/15 – US$ 250.00 – ...On 15 December 2023, we changed the outlook of Webpros Investments S.a.r.l. (WebPros or the company) to positive from stable to reflect the continued strong operating performance of the company over the past 18 months as well as its prudent financial policy, evidenced by the voluntary prepayments of the second lien term loan. Webpros' B2 corporate family rating (CFR) further reflects: 1) the company's leading market position as a global provider of web hosting automation software solutions; 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 further revenue and EBITDA growth, supported by recurring product repricing as well as a gradual expansion of the portfolio offering; and 4) the company's good liquidity profile, underpinned by solid free cash flow (FCF) generation. At the same time, the rating is constrained by: 1) the company's limited...

Moody's changes WebPros' outlook to positive from stable; affirms B2 rating - Rating Action – 2023/12/15 – 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. - LGD Assessment – 2022/08/05 – US$ 750.00

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...

LGD Assessment: Particle Investments S.a.r.l. - LGD Assessment – 2021/11/24 – US$ 750.00

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....