Fitch trims RSA Security

Fitch Ratings said it trimmed the long-term issuer default ratings of Redstone Buyer LLC and Redstone Holdco 2 LP to B from B+.

The agency also assigned IDRs of B to Redstone Intermediate (Archer) Holdco, Redstone Intermediate (FRI) Holdco LLC, Redstone Intermediate (NetWitness) Holdco LLC, Redstone Intermediate (SecureID) Holdco LLC and Redstone Parent LP. These entities collectively operate as RSA Security, LLC. The outlook is stable.

Fitch also lowered the first-lien senior secured credit facility to BB-/RR2 from BB+/RR1 and second-lien senior secured credit facility to CCC+/RR6 from B-/RR6.

“The downgrades reflect higher gross leverage that exceed previously established rating sensitivities. The stable outlook reflects Fitch's expectation for stable operating performance over the rating horizon benefiting from high retention rates, recent investments in cloudifying the product offerings and tailwinds for identity management solutions as a result of the coronavirus pandemic,” the agency said in a press release.

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