S&P Global Ratings on Feb. 2 upgraded U.K.-based Worldpay Group Ltd.'s and unit Worldpay Finance Plc's long-term corporate credit ratings to BB+ from BB, with negative outlooks, after Vantiv Inc. acquired Worldpay Group Plc to form Worldpay Inc.
The ratings were removed from CreditWatch with positive implications, where they have been since July 17, 2017.
S&P said the upgrade reflects S&P's assessment of Worldpay as a core subsidiary of Vantiv, as evidenced by the change of the combined group's name and brand to Worldpay, among other factors. The former Vantiv is unlikely to sell Worldpay, which is an important strategic asset and integral to its future strategy, and will support Worldpay under all foreseeable circumstances, the agency added.
The negative outlook on Worldpay reflects that on the former Vantiv, which limits Worldpay's credit quality despite the lower amount of debt that the U.K.-based payment processor now holds.
S&P said it will no longer analyze Worldpay's credit profile on a stand-alone basis, since the ratings of Worldpay and the former Vantiv are now aligned.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.
