–NCR AtleosCorporation (NYSE: NATL) (“Atleos”) reports that Moody’s Ratings (Moody’s) has upgraded its credit rating, which Atleos believes reflects solid strategic execution and financial performance since the separation from NCR Corporation in October 2023, coupled with the strong free cash flow generation from its businesses
Moody’s recently published a Ratings Action stating that Moody’s has upgraded NCR Atleos’ Corporate Family Rating to B1 from B2 and upgraded the rating for Atleos’ senior secured first lien debt instruments (including term loan A, term loan B, senior secured notes and revolving credit facility) to B1 from B2. Moody’s noted that the upgrade to B1 reflects Atleos’ improved leverage profile, solid free cash flow and commitment to use excess cash flow to reduce debt.
“We are pleased to see Moody’s acknowledge the improving credit profile and progress Atleos has made in our first year as an independent public company,” said Paul Campbell, Chief Financial Officer for Atleos. “As our strategy to leverage our existing installed base of hardware to generate additional service, software and transaction revenue streams continues to build momentum, we expect to drive strong incremental earnings and free cash flow that should further enhance the Company’s financial profile.”