Moody's downgrades Riverbed

Moody's Investors Service said it downgraded Riverbed Technology, Inc.'s ratings including its corporate family rating to Caa3 from Caa1, its probability of default rating to Ca-PD from Caa2-PD and senior secured first-lien debt to Caa1 from B2.

The downgrades were driven by the extremely high probability of default because of continuing performance declines, an April 2022 term loan maturity payment Riverbed is unlikely to make and the likelihood of a debt restructuring before that time, the agency said.

Riverbed is negotiating with a group of lenders, which if successful would result in a meaningful exchange of debt for equity, Moody’s said.

The outlook is negative.

© 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.