S&P ups Veeam

S&P said it upgraded its ratings for Veeam Software Corp. (VS Holding I Inc.) and its first-lien debt to B from B-. The recovery rating remains 3.

“S&P Global Ratings' adjusted leverage declined to the high-7x area as of year-end 2020, which is better than our previous forecast and below the 8x upside threshold we established for the company. In fiscal 2021, we anticipate Veeam will continue to grow its top line in the double-digit-percentage area, as we expect additional market share gains and the implementation of a modest price increase,” the agency said in a press release.

The outlook is stable.

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