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Moody's rates SafeNet B2, loans B1, Caa1
Moody's Investors Service said it assigned a B2 corporate family rating to SafeNet, Inc. and also assigned ratings to the credit facilities.
The agency said that the first-lien credit facilities were assigned a B1 rating and the second-lien term loan was assigned a Caa1 rating.
The outlook is stable.
The B2 corporate family rating reflects SafeNet's high financial leverage relative to its small business scale (total revenue of $329 million, with debt/adjusted EBITDA of 5.8 times), as well as its significant customer concentration and its modest but significant acquisition appetite, the agency said.
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