Moody’s cuts Syniverse

Moody’s Investors Service said it downgraded Syniverse Holdings, Inc.’s ratings, including the corporate family rating to Caa1 from B3. The agency also downgraded the first-lien revolver and term loan to Caa1 from B2 and the second-lien term loan to Caa3 from Caa2. The outlook remains negative.

“The downgrades reflect Syniverse’s limited liquidity, and Moody’s growing concerns over sustainability of the capital structure in its current form,” said Dilara Sukhov, a Moody’s analyst, in a press release.

“The negative outlook reflects the anticipated pressure on the company’s liquidity including compliance with its springing financial covenant, and the risk that revenue and earnings will be pressured as the spread of the coronavirus impacts the company’s mobile transaction services, particularly roaming and number portability,” Sukhov said.

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