S&P Global Ratings upgrades Evertec’s credit rating
Evertec Inc. announced that S&P Global Ratings has upgraded its issuer credit rating to ‘BB-‘/Stable Outlook from ‘B+’.
As basis for its upgrade, S&P noted Evertec’s “conservative balance sheet and solid credit metrics while expanding revenue amid several external impacts including the COVID-19 pandemic.”
S&P also cited its expectation that Evertec will generate consistent financial performance over the next two years, underpinned by its defensible market position in Puerto Rico and growth opportunities in Latin America.
“We’re pleased with S&P Global Ratings’ decision to upgrade our rating to BB- with a stable outlook,” said Joaquín Castrillo, CFO. “This follows our credit rating upgrade by Moody’s last week and further underscores our solid execution and the resiliency of our business model.”
On August 4, 2021, Moody’s Investors Services upgraded Evertec’s corporate family rating to B1 with a stable outlook.