Research Update: Nexus Buyer LLC (IntraFi Network) Outlook Revised To Positive On Strong Operating Performance; Ratings Affirmed

Washington, D.C.-based provider of FDIC-insured deposit solutions Nexus Buyer LLC (IntraFi Network) has reduced its S&P Global Ratings-adjusted gross leverage to about 6x since the 2019 leveraged buyout by The Blackstone Group through better-than-expected earnings growth. We expect the company's S&P Global Ratings-adjusted leverage will remain less than 7x with solid free operating cash flow (FOCF) over the next 12 months. As we announced on Sept. 20, 2021, we revised the outlook to positive from stable on the company and affirmed our 'B-' issuer credit rating. At the same time, we affirmed our 'B-' issue level rating, with a '3' recovery rating, on the company's first-lien credit facility. The positive outlook reflects the possibility of an upgrade within the next

...- Washington, D.C.-based provider of FDIC-insured deposit solutions Nexus Buyer LLC (IntraFi Network) has reduced its S&P Global Ratings-adjusted gross leverage to about 6x since the 2019 leveraged buyout by The Blackstone Group through better-than-expected earnings growth. - We expect the company's S&P Global Ratings-adjusted leverage will remain less than 7x with solid free operating cash flow (FOCF) over the next 12 months. - As we announced on Sept. 20, 2021, we revised the outlook to positive from stable on the company and affirmed our 'B-' issuer credit rating. - At the same time, we affirmed our 'B-' issue level rating, with a '3' recovery rating, on the company's first-lien credit facility. - The positive outlook reflects the possibility of an upgrade within the next 12 months if we become more certain IntraFi's financial policy will position the company to sustain S&P Global Ratings-adjusted leverage beneath 7x, with FOCF to debt above 5%....

Research Update