Moody's Upgrades Bending Spoons to Ba3 Citing Scale, IPO Flexibility

Moody's Ratings has upgraded Bending Spoons S.p.A.'s long-term corporate family rating to Ba3 from B1, citing the company's expanded scale, diversified business profile, and enhanced financial flexibility. The rating agency also maintained a stable outlook for the technology company.

Rationale for the Upgrade

The upgrade reflects several key developments, according to Moody's. The company has demonstrated a strong track record of executing on synergies from its acquisition-led growth strategy. Its recent initial public offering (IPO) has improved transparency and provided access to public equity markets to fund future deals.

Recent and pending acquisitions, including Tractive, Airtable, and Miro, have significantly boosted Bending Spoons' financial scale. Moody's noted the following pro forma figures for the last twelve months ending in June 2026:

• Pro forma revenue has increased to $3.9 billion.
• Moody’s-adjusted EBITDA is estimated at approximately $1.3 billion.

Financial Health and Outlook

Despite the aggressive acquisition strategy, Bending Spoons' Moody's-adjusted leverage has remained broadly stable at 4.7x. The rating agency anticipates significant potential for organic leverage improvement as the company realizes cost synergies from recent acquisitions and restructuring costs decrease.

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Moody's stated that it expects Bending Spoons to successfully integrate its new businesses, consistent with its past performance. While further debt-funded acquisitions are considered highly likely, the agency believes the company's proven ability to integrate targets mitigates execution risks.

Specific Rating Actions

The rating action on Wednesday included several upgrades:

• Corporate Family Rating: Upgraded to Ba3 from B1.
• Probability of Default Rating: Upgraded to Ba3-PD from B1-PD.
• Backed Senior Secured Term Loans: Upgraded to Ba3 from B1. This applies to loans due in 2031 issued by Bending Spoons US Inc., including a €250 million equivalent and a $750 million fungible add-on.

Pro forma for the recent transactions, Bending Spoons will hold approximately $493 million in cash and have access to a fully undrawn revolving credit facility of around $1.9 billion. Moody's projects solid positive adjusted free cash flow, which it deems sufficient to cover upcoming cash needs, including significant term loan amortization in the 2027-2028 period.