S&P affirms Comverse

Standard & Poor's said it affirmed Comverse Technology Inc.'s B+ corporate credit rating, and removed the ratings from CreditWatch, where they were placed with developing implications in January.

The outlook is negative.

The affirmation follows recent financial statement filings by Verint Inc., a public company majority-owned by Comverse, the agency said.

By filing, Verint met financial reporting requirements contained in its senior secured credit facility, eliminating concerns about a potential near-term default, S&P said.

While Comverse does not guarantee Verint's debt, S&P said it was concerned that a default by Verint would weaken Comverse's consolidated business and financial profiles.

The negative outlook reflects concerns about Comverse's ongoing failure to comply with SEC financial reporting requirements, the agency said.

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