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S&P rates Ping Identity, ups Roaring Fork
S&P said it assigned an issuer credit rating of B+ to Ping Identity Holding Corp. and raised the issuer credit rating on Roaring Fork Intermediate LLC to B+.
Ping will use all $170 million of proceeds from its IPO to repay borrowings under its first-lien term loan, S&P said.
The agency also raised the issue-level ratings on the company’s first-lien credit facility to BB- from B-.
In addition, S&P revised the recovery rating on the first-lien facility to 2 from 3, reflecting an expectation of substantial (70%-90%; rounded estimate: 85%) recovery in the event of a payment default.
The outlook is stable.
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