...- The COVID-19 pandemic and resulting travel restrictions have contributed to significantly reduced travel demand that has persisted into 2021. However, vaccine distribution is underway, and we believe its gradual rollout and favorable travel booking trends in late 2021 and early 2022 will put Verra Mobility Corp. on a path to deleveraging below 5.0x by the end of 2021. - Therefore, we are revising our outlook to stable from negative and affirming our 'B+' issuer credit rating. - In addition, the company plans to amend an existing $866 million term loan and issue newly proposed $350 million in senior unsecured notes due 2029 to refinance existing debt and finance the acquisition of Melbourne, Australia based-Redflex Holdings Ltd. (ASX:RDF). - At the same time, we are raising our first-lien issue-level ratings to '##-' from 'B+' and revising our recovery rating to '2' from '3' to reflect, among other things, the lower-level of secured debt capitalization. - Simultaneously, we are assigning...
