...- Business-to-business (B2B) information and services company Infopro Digital Group B.V. (Infopro Digital) plans to refinance its debt with 685 million of new senior secured notes and 120 million of its cash on balance sheet, and by upsizing its revolving credit facility (RCF). - Pro forma this transaction, we expect Infopro Digital's S&P Global Ratings-adjusted leverage will remain above 7x and its free operating cash flow (FOCF) to debt at below 5% in 2021, despite a reduction in debt. - We are therefore affirming our 'B-' issuer credit rating on Infopro Digital. At the same time, we are assigning a'B-' issue rating with a '3' recovery rating to the proposed senior secured notes, and affirming the 'B+' issue rating, with a recovery rating of '1', on the upsized RCF. - The stable outlook reflects our view that Infopro Digital's credit metrics will remain elevated in 2020-2021, with S&P-adjusted leverage reaching 12x in 2020 before reducing toward 7x in 2021, and our assumption that the...
