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Moody’s revises Optiv to negative
Moody's Investors Service said it revised Olive Merger Sub Inc.'s (Optiv) outlook to negative and affirmed its B3 corporate family rating, B2 first-lien term loan rating and Caa1 second-lien loan rating.
The outlook revision was driven by the below plan performance since closing of the KKR led buyout in February 2017 and likelihood of continued weakness.
Though it expects Optiv will remain a major value-added- reseller (VAR) of security software products and provider of security services, Moody’s said the hastening shift to subscription sales and pricing pressures will result in lower gross revenue, margins, EBITDA and cash flow levels and higher leverage than originally contemplated in the ratings.
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