S&P: VeriFone view negative

Standard & Poor's said it revised the outlook on VeriFone Inc. to negative from positive after the company said it would restate its unaudited interim consolidated financial statements for the quarters ended January, April and July.

The BB- corporate credit rating was affirmed, along with the BB ratings on $40 million first-lien revolving credit facility bank loan due 2012 and $500 million first-lien term B bank loan due 2013.

Ratings reflect the company's moderate debt leverage and acquisitive growth strategies, the agency said.

These factors are partly offset by VeriFone's leading position in the niche market for electronic payment solutions and its diversified customer and market base, according to S&P.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.