S&P revises Veritas view to stable

S&P said it changed the outlook for Veritas Holdings Ltd. and its subsidiaries to stable from negative.

“The stable outlook reflects our expectation for moderating revenue declines in the mid- to high-single–digit percent, steady positive free operating cash flow (FOCF) generation and maintenance of sizable cash balances over the next 12 months to somewhat offset growth headwinds,” S&P said in a press release.

Veritas plans to add $500 million to its secured senior notes due in 2025 to refinance a portion of its notes due in 2023. “The transaction will be leverage-neutral,” S&P said.

The agency also affirmed all its ratings for Veritas, including its B- issuer rating, and its ratings for Veritas U.S. Inc. and Veritas Bermuda Ltd.

© 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.