Moody’s changes Sophos outlook to stable

Moody's Investors Service said it changed the outlook on the B2 corporate family rating and B3-PD probability of default rating of Shield HoldCo Ltd. (Sophos) to stable from negative.

Concurrently, the agency changed the outlook on the B2 instrument ratings of the $30 million revolving credit facility and $400 million equivalent term loan B raised by Shield Finance Co. Sarl, a subsidiary of Sophos, to stable from negative.

The ratings were affirmed.

"The change of outlook to stable from negative reflects Sophos's (1) sustained improvement in operating performance over the last 18 months to Sept. 30, 2014 as demonstrated by the year-on year quarterly growth in pro-forma billings (pro-forma for the acquisitions of Cyberoam and divestiture of non-core Cyber) during this period, (2) strengthened business with a focus on small and medium sized enterprises (SME's) with successful diversification of its product offering towards Unified Threat Management (UTM), and (3) improved liquidity position," Sebastien Cieniewski, Moody's lead analyst for Sophos, said in a news release.

© 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.