S&P upgrades PeopleCert to B+ from B following strong financial performance and strong deleveraging in FY2022

S&P upgrades PeopleCert to B+ from B following strong financial performance and strong deleveraging in FY2022

S&P Global Ratings (“S&P”) has upgraded PeopleCert Holdings UK Ltd and its €300mn Senior Secured Notes (SSN) to B+ from B. 

The upgrade reflects the company’s strong organic revenue growth, high profitability margins and sound ability to deleverage through earnings growth and strong cash flow generation, during the year ending 31 December 2022. 

The outlook for both ratings remains stable and reflects the company's leading market positions for IT and project management certifications, the increasing market share in the highly fragmented languages certifications market and its vertically integrated business model.

"Our hard work has once again been recognised and we couldn’t be happier.  This upgrade, during a period where the global market is challenging is something we are all proud of. 2022 was the fiscal year that fully consolidated the AXELOS acquisition and marked the beginning of a new era for the company’s financial performance" said Byron Nicolaides, Founder, and Group CEO of PeopleCert.