S&P gives Sybil Investments loan B+

Standard & Poor's said it assigned its B+ long-term corporate credit rating to Sybil Investments BV. (Avast).

The outlook is stable.

Sybil recently raised $420 million in senior secured loans to fund a recapitalization of security software firm Avast Software BV. At the same time, private equity company CVC Capital Partners completed its acquisition of a 41% stake in Avast.

The agency assigned its B+ issue rating to the senior secured loans.

S&P said the rating on Avast reflects the assessment of its financial risk profile as "aggressive" and its business risk profile as "weak."

The assessment of Avast's business risk profile as "weak" primarily reflects its very narrow product offering; the company's premium PC antivirus product generates over 70% of bookings. Despite Avast's solid niche market position as a provider of PC security software to consumers and small and midsize enterprises, the agency sees the substitution of wireless devices for PCs as a key medium-term risk.

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