Fitch Ratings has upgraded NCR Voyix Corporation's Long-Term Issuer Default Ratings (IDRs) to 'BB' from 'BB-', removing the Rating Watch Positive and assigning a Stable Outlook. This upgrade reflects NCR Voyix's significantly improved leverage profile following the divestiture of its digital banking business. The net proceeds from this sale were strategically deployed to materially reduce outstanding debt.
The improved credit rating indicates a stronger financial position for NCR Voyix, with Fitch expecting EBITDA leverage to be in the mid-3.0x or lower range over the ratings horizon. This enhancement in financial flexibility is a key positive, despite the company's reduced business diversification after the separation of its digital banking and ATM operations. Fitch also upgraded the issue-level ratings for NCR Voyix's $500 million senior secured revolving credit facility to 'BBB-' with a Recovery Rating of 'RR1'.
Additionally, the senior unsecured notes were upgraded to 'BB'/'RR4', and the convertible preferred stock ratings improved to 'BB-'/'RR5'. These upgrades underscore Fitch's confidence in NCR Voyix's ability to manage its debt and generate stable cash flows from its core retail and restaurant segments. The company's remaining businesses maintain solid market presences, particularly in self-checkout and point-of-sale hardware and software.
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