Moody's Ratings upgraded Bending Spoons S.p.A.'s long-term corporate family rating to Ba3 from B1. The agency also raised the probability of default rating to Ba3-PD. Moody's assigned a stable outlook to the company and its senior secured term loans.
Recent acquisitions of Tractive and Airtable, plus the pending Miro deal, project pro forma revenue to reach $3.9 billion. Moody's cited increased business scale and diversification as key drivers for the rating action. The agency also highlighted successful synergy execution and financial flexibility following the company's initial public offering.
Moody's expects further debt-funded acquisitions but noted the company's proven ability to integrate businesses. The agency projects solid positive adjusted free cash flow for the firm. Bending Spoons maintains sufficient liquidity to meet its current obligations.