On April 9, 2025, Fitch Ratings affirmed FactSet Research Systems Inc.'s Long-Term Issuer Default Rating (LT IDR) at 'BBB+' with a Stable Outlook. Fitch also assigned 'BBB+' issue ratings to FactSet's new $1 billion revolving facility and $500 million term loan.
The proceeds from the new term loan were used to refinance revolving debt under FactSet's 2022 credit agreement, which was subsequently terminated. These ratings are supported by FactSet's strong operating profile, characterized by over 95% recurring subscription-based revenue and high client retention rates.
Fitch expects FactSet's revenues to reach $2.5 billion by fiscal year 2027, up from $2.2 billion in fiscal year 2024, and EBITDA to exceed $1 billion by fiscal year 2027. The company's EBITDA leverage was 1.5x as of February 2025, consistent with its investment-grade rating objectives.
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