S&P lowers Project Alpha (Qlik)

S&P said it lowered the corporate credit rating on Project Alpha Intermediate Holding Inc. (Qlik Technologies Inc.) to B- from B.

The outlook is stable.

The agency also lowered the issue-level rating on the company's $75 million secured revolver due in 2022 and the $995 million secured term loan due in 2024 to B- from B. The recovery rating remains 3, indicating an expectation of meaningful (50%-70%; rounded estimate: 50%) recovery in the event of payment default.

S&P said the ratings reflect Qlik's higher than anticipated adjusted leverage for the period ended Sept. 30, low EBITDA margins, excluding credit for cost cuts and restructuring, modest scale relative to software peers and technological leadership among data analytics enterprise software providers including IBM Corp., Microsoft Corp., SAP SE, Tableau Software and TIBCO Software Inc.

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