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S&P assigns rating to redomiciled Cardtronics, revises outlook to negative

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S&P assigns rating to redomiciled Cardtronics, revises outlook to negative

S&P Global Ratings has revised the rating outlook on Cardtronics plc to negative from stable.

The company has redomiciled to the U.K., and S&P assigned a corporate credit rating of BB+ to the new parent, Cardtronics plc.

The ratings affirmation considers the company's leading U.S. market position, recurring revenue base and improving geographic diversification, S&P said.

On the other hand, the negative rating outlook reflects the rating agency's concerns that leverage could approach 3x in 2018 through a decline in EBITDA, and that the loss of a large number of ATMs could lessen the appeal of the company's proprietary network to participating banks.