Fitch changes Redstone Buyer view

Fitch Ratings said it affirmed the B- long-term issuer default ratings for Redstone Buyer LLC (RSA Security, LLC) and its affiliates.

The outlook was revised to negative from stable.

In addition, Fitch affirmed the first-lien senior secured credit facility at B/RR3, and second-lien senior secured credit facility at CCC/RR6.

“The ratings reflect the operational underperformance since the separation from Dell relative to expectations previously set and the aggressive capital structure in place,” Fitch said in a news release.

“In recent quarters, the company has demonstrated stabilization of revenue trends with total revenue declining modestly in low-single digits, suggesting normalization of operations compared to the peak of post-pandemic unwinding in fiscal 2022.”

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