Research Update: Genuine Financial Holdings LLC Upgraded To 'B' Following Debt Repayment, Outlook Positive

Tennessee-based background screening services provider Genuine Financial Holdings LLC (doing business as HireRight) has repaid $325 million of debt following its IPO and lowered its S&P Global Ratings-adjusted leverage to the high-6x area (includes $209 million of post-IPO tax receivable obligations) from the high-7x area as of Sept. 30, 2021. We raised our issuer credit rating on HireRight to 'B' from 'B-' and our issue-level rating on its first-lien secured credit facility to 'B' from 'B-'. Our '3' recovery rating on the first-lien credit facility is unchanged. The positive outlook reflects our expectation for solid operating performance and margin expansion such that adjusted leverage could fall and remain below 5x over the next 18 months as it adopts a less

... provider Genuine Financial Holdings LLC (doing business as HireRight) has repaid $325 million of debt following its IPO and lowered its S&P Global Ratings-adjusted leverage to the high-6x area (includes $209 million of post-IPO tax receivable obligations) from the high-7x area as of Sept. 30, 2021. - We raised our issuer credit rating on HireRight to 'B' from 'B-' and our issue-level rating on its first-lien secured credit facility to 'B' from 'B-'. - Our '3' recovery rating on the first-lien credit facility is unchanged. - The positive outlook reflects our expectation for solid operating performance and margin expansion such that adjusted leverage could fall and remain below 5x over the next 18 months as it adopts a less aggressive financial policy....

Research Update