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S&P drops Riverbed Parent
S&P said it downgraded Riverbed Parent Inc. to CCC+ from B- on poor operating performance and high leverage.
The agency also cut the rating on Riverbed’s first-lien credit facility to CCC+ from B- and the rating on its senior unsecured notes to CCC- from CCC.
“The downgrade reflects Riverbed's continued poor operating performance through the second quarter of 2019, which increased its leverage to more than 11.5x as of June 30, 2019,” said S&P in a press release.
The outlook is negative. S&P said it could lower ratings if Riverbed operating performance and credit metrics continue to decline beyond the agency’s forecast or if “liquidity significantly weakens.”
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