Moody’s Investors Service (“Moody’s”) has today affirmed the corporate family rating (CFR) of Cardinal Holdings 3, LP (Capco) at B2. Concurrently Moody’s has affirmed Capco’s probability of default rating (PDR) at B2-PD, and the instrument ratings on the USD250 million senior secured term loan B due 2023 and the USD65 million senior secured revolving credit facility due 2022 both borrowed at subsidiary Cardinal US Holdings, Inc. at B2. The change of outlook reflects Capco’s weaker than expected performance for H1 2019 including high restructuring and other exceptional charges which have not reduced as expected following the carve-out of the company from Fidelity National Information Services, Inc. (FIS) in 2017.
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