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S&P: SafeNet view stable
Standard & Poor's said it revised its outlook on SafeNet Inc. to stable from positive.
At the same time, the agency affirmed its B corporate credit rating on the company and affirmed its BB- issue-level rating on the company's first-lien term loan. The recovery rating on the debt remains at 1, indicating the expectation for very high (90% to 100%) recovery of principal in the event of payment default.
In addition, S&P affirmed its B issue-level rating on the company's second-lien term loan. The recovery rating on this debt remains at 3, indicating the expectation for meaningful (50% to 70%) recovery of principal in the event of payment default.
"The outlook revision reflects our expectation that the company will retain its highly leveraged financial profile, due to its private-equity ownership, which we expect to result in aggressive financial policies, including the potential for debt-financed shareholder returns," S&P credit analyst Katarzyna Nolan said in a news release.
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