Global | Change

Moody's upgrades VeriFone's CFR to Ba2; outlook stable

The upgrade of the CFR reflects VeriFone's improved financial profile driven by accelerated debt repayment and EBITDA growth. Net debt has declined by $162 million between year-end 2013 and 2015 and total debt to EBITDA (Moody's adjusted) has improved from the high 4x to 2.9x over this period. The company is benefiting from the surge in demand for EMV capable Point of Sales (PoS) terminals in the US, which contributed to about 77% growth in 2015 in North America systems solutions revenues and approximately 16% overall organic growth in 2015 on a constant currency basis. March 01, 2016