Worldpay upgraded to “BB” rating after successful IPO
Worldpay has been upgraded by ratings agency Standard & Poor’s after successfully completing its IPO.
The British payments processor was the biggest London float of 2015 by far, when it listed on 13 October with an offer of 240p per share, giving it a market cap of £4.8bn.
Since then, Worldpay stocks have climbed to trade above 280p today.
Read more: How does Worldpay market debut compare to London's biggest floats this year?
After the “successful” IPO and refinancing, Standard & Poor’s have now elected to upgrade the company to a “BB” rating:
The stable outlook reflects our anticipation that continued growth in the payment industry, and limited releveraging risks, will support decline in adjusted leverage to well below 4.5x in 2016
Worldpay, sold by RBS five years ago for around £2bn, will be seeking to join the FTSE UK in December.