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S&P revises Syniverse view to negative
S&P said it revised the outlook on Syniverse Holdings Inc. to negative from stable and affirmed the B issuer credit rating.
S&P also affirmed the B issue-level rating on Syniverse's first-lien debt. The recovery rating on the debt remains 4, which indicates an expectation of average (30%-50%; rounded estimate: 45%) recovery of principal and interest in the event of payment default.
In addition, S&P affirmed the CCC+ issue-level ratings on Syniverse's second-lien debt and senior unsecured notes. The recovery ratings remain 6, which indicates an expectation of negligible (0%-10%; rounded estimate: 0%) recovery of principal and interest in the event of payment default.
“The outlook revision reflects our expectation for limited revenue and EBITDA growth over the next year, which could result in leverage remaining elevated at above 7x,” S&P said in a news release.
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