Moody’s cuts Verint secured rating

Moody’s Investors Service said it downgraded Verint Systems Inc.’s senior secured debt rating to Ba2 from Ba1, reflecting it will be the only debt in the capital structure once the convertible debt is repaid. Moody’s expects Verint’s $387 million in convertible notes to be repaid by June 1.

Moody’s also confirmed Verint’s Ba2 corporate family rating and changed the outlook to stable from under review now that its cyber intelligence unit’s spinoff has been completed.

These actions conclude the review started after Verint reported the planned spinoff, the agency said.

The outlook is stable.

© 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.