S&P rates Roaring Fork loan B-

S&P said it assigned its B- corporate credit rating to Roaring Fork Intermediate LLC, doing business as Ping Identity Corp. The outlook is stable.

At the same time, S&P assigned its B- issue level rating and 3 recovery rating to Ping's proposed first-lien senior secured facility, consisting of its $25 million revolver due 2023 and $240 million term loan due 2025. The 3 recovery rating indicates an expectation for meaningful (50% to 70%; rounded estimate: 50%) recovery in the event of a payment default.

“The rating on Ping reflects its high debt leverage, its limited operating scale in the highly fragmented IAM market, and competitive pressure from larger companies in the market with significant financial resources. These risks are mitigated by the company operating in a growing IAM market, high recurring revenue providing revenue visibility, and low customer concentration risk,” S&P said in a news release.

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