Cimpress N.V.: Update following affirmation of Ba2, outlook changed to negative
Our credit view of Cimpress reflecting strong organic revenue growth and good free cash flow offset by the risk of ongoing acquisitions and share buyback activity increasing leverage.Cimpress is a technology company that aggregates, via the Internet, individually customized orders for a range of print, signage, apparel and similar products. Co. provides its products to market through a portfolio of brands including Vistaprint, its primary brand for micro business marketing products and services, as well as brands that it owns. The combined product assortment across its businesses include offerings in the following product categories: business cards, marketing materials such as flyers and postcards, digital and marketing services, writing instruments, signage, decorated apparel, promotional products and gifts, packaging, textiles and magazines and catalogs.
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