Tear Sheet: Genuine Financial Holdings LLC

Genuine Financial Holdings LLC (doing business as HireRight) disclosed performance metrics for fiscal-year 2024 (ended Dec. 31), while seeking to reprice its existing $1 billion first-lien term loan facility, with no change to tenor or terms under the current credit agreement. Based on this information and its improving revenue, we believe HireRight?s performance was largely in line with our expectations. The company?s revenue increased 6% year over year as a result of strong performance from technology vertical clients, with its S&P Global Ratings-adjusted EBITDA margins in the mid-20% range. Our updated forecast contemplates sustained revenue growth and expectations for S&P Global Ratings-adjusted EBITDA margins to remain at least flat year over year during 2025. This considers the net effects of

...Rating Component Scores Foreign currency issuer credit rating B/Stable/-- Local currency issuer credit rating B/Stable/-- Business risk Weak Country risk Very Low Industry risk Intermediate Competitive position Weak Financial risk Highly Leveraged Cash flow/leverage Highly Leveraged Anchor b Diversification/portfolio effect Neutral (no impact) Capital structure Neutral (no impact) Financial policy FS-6 (no impact) Liquidity Adequate (no impact) Management and governance Moderately Negative (no impact) Comparable rating analysis Neutral (no impact) Stand-alone credit profile b...

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