Moody's upgraded WEX Inc.'s corporate family, senior secured debt and senior secured bank credit facility ratings to Ba2 from Ba3.
The rating agency also changed the outlook to stable from positive.
Moody's said it upgraded the payment processing company's ratings due to its "increasingly scaled and diversified portfolio of leading business-to-business payment solutions," which is "supported by positive secular revenue growth trends and the company's strong competitive positions." These factors are benefiting creditors, according to the report.
Moody's said the company will sustain its strong revenues and profits over the next 12 to 18 months, which will further increase its business scale and free cash flow. It also said WEX has made many acquisitions in recent years, but it has shown a solid track record of successfully integrating acquired companies and cutting its debt leverage after making acquisitions.