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S&P revises Rocket Software view to negative
S&P said it revised the outlook for Rocket Software Inc. to negative from stable, citing weak financial metrics.
“The negative outlook reflects the company’s revenue weakness, due to a decline in licensing revenue, and limited free cash flow generation in the first half of 2019 because of higher-than-expected one-time costs tied to the Bain acquisition. This caused its leverage to increase to the low-8x area, which exceeds our current downside leverage threshold of mid-7x,” said S&P in a press release.
The agency affirmed its B ratings on Rocket and its first-lien senior secured debt and B- rating on its second-lien senior secured debt.
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