11:04 AM EDT, 04/05/2024 (MT Newswires) -- S&P Global Ratings said Thursday that it has placed all ratings on Nuvei's ( NVEI ) debt, including the BB- issuer credit rating, on CreditWatch with negative implications ahead of a going-private transaction .

The rating agency said it intends to resolve the CreditWatch listing after receiving more details about the acquisition.

Once the terms of the company's proposed capital structure become available, S&P will then assess the transaction's effect on its leverage and whether its capital allocation priorities will support or detract from its deleveraging prospects.

Nuvei ( NVEI ) agreed to be acquired by certain investment funds managed by affiliates of Advent International and its largest shareholders in a transaction valued at $6.3 billion. The deal is expected to close between the end of 2024 and the first quarter of 2025.

"S&P Global Ratings believes that the transaction will likely increase Nuvei's ( NVEI ) leverage well beyond our 4x downgrade threshold and potentially lead it to employ more-aggressive financial policies than we would expect for the current rating," the agency said.

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