Fitch revises Ivanti outlook to negative

Fitch Ratings said it revised its outlook for Ivanti Software, Inc. to negative from stable and affirmed its long-term issuer default rating at B. The agency also affirmed Ivanti's $175 million secured revolver and $2.2 billion first-lien term loan at BB-/RR2 and $545 million second-lien term loan at CCC+/RR6.

Fitch concurrently assigned a B IDR to Icon Software Holdings, Inc. Ivanti is the issuer of debt.

“The negative outlook reflects operating performance that faced headwinds from competition and elevated employee attrition rate during 1H22. In addition, unfavorable forex also contributed to slower-than-expected revenue growth. Fitch believes recent operating metrics suggest improving performance. Nevertheless, credit protection metrics remains weaker than previously projected,” the agency said in a press release.

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