23 September 2022
PeopleCert announces that Fitch Ratings has upgraded PeopleCert’s €300 million senior secured notes to BB- from B+.
The upgrade follows the strong trading of the company and its material increase in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) and Free Cash Flow (FCF) following the acquisition of Axelos in 2021. Fitch also upgraded PeopleCert to B+ from B with a Stable Outlook and expects Free Cash Flow (FCF) to remain strong over the next four years.
Byron Nicolaides (Founder, Chairman & CEO, PeopleCert) commented: “We are proud that our hard work and results are recognised through this upgrade, especially when global market trends appear to be challenging. We continue with our commitment to enhance people’s lives through best practice frameworks and certifications and look forward to announcing additional milestones in the future.”
This development further establishes PeopleCert’s leadership position in the professional skills and languages certification markets.