S&P upgrades Optiv

S&P said it upgraded its ratings for Optiv Inc. and its first-lien debt to CCC+ from CCC and its second-lien debt to CCC- from CC.

“The rating action is underpinned by our improving outlook for Optiv, with free cash flow to debt improving to the mid-2% area in fiscal 2020, driven by operating discipline and stronger-than-expected bookings reported in the third quarter of 2020. We now expect revenue growth in fiscal 2021, as well as an improving deferred revenue story,” S&P said in a press release.

The outlook is stable.

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