S&P moves Syniverse view to negative

S&P said it revised its outlook for Syniverse Corp. to negative from stable and affirmed the B- ratings on the issuer and its debt.

The agency noted Syniverse failed to meet expectations in 2022 due to weakness in roaming and messaging and one-time expenses.

“We now expect Syniverse's S&P Global Ratings-adjusted leverage to increase beyond our previous estimates (high-6x area) to the low-12x area for 2022, with only modest deleveraging to the 9x area in 2023 and for free operating cash flow (FOCF) to remain negative over the next several years, which could result in an unsustainable capital structure, in our view,” S&P said in a press release.

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