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S&P assigns Open Text loans BBB-
S&P said it assigned its BBB- issue-level and 2 recovery ratings to Open Text Corp.'s planned term loan debt of the $4.585 billion senior secured debt. The 2 recovery rating indicates substantial (70%-90%; rounded estimate: 80%) recovery in default.
The agency also lowered its issue-level rating on Open Text's unsecured debt to BB- from BB and revised the recovery rating on the notes to 6 from 5. The 6 recovery rating reflects negligible (0%-10%; rounded estimate: 0%) recovery in default.
“Our BB+ issuer credit rating (ICR) and negative outlook on the company are unchanged,” S&P said in a press release.
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