S&P puts CEVA on positive watch

S&P said it placed its B- long-term issuer credit rating on the CEVA Group plc and its holding company CEVA Holdings LLC on CreditWatch with positive implications.

At the same time, S&P said it placed its B- issue rating on CEVA's first-lien notes and its CCC issue ratings on CEVA's first-and-a-half-lien and unsecured notes on CreditWatch positive. The recovery ratings on these notes remain unchanged.

“The CreditWatch placement follows CEVA's recent announcement that it plans to execute an IPO in the second quarter of 2018 and it reflects the possibility that we could raise our ratings on CEVA, if the company launches and successfully completes the IPO,” S&P said in a news release.

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