On December 17, 2020, S&P Global Ratings affirmed its CCC+ issuer credit rating on CPI Card Group Inc. The outlook revision reflects the Company's strong operating performance in 2020, which improved its cash flow generation and leverage metrics, according to the ratings agency. The Company's cash flow and liquidity also improved materially, generating about $7 million of free operating cash flow (FOCF) year to date and cash on hand of $50 million as of September 30, 2020. S&P Global expects FOCF to be between $13 million and $15 million annually in 2020 and 2021 and adjusted leverage to be about 6.6x in 2020 and in the low to mid 6.0x range in 2021.

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